In an unprecedented turn of events, and against the backdrop of the decline witnessed in the coin market today, the Pepe coin has taken a bearish phase with a significant decline in its price. The coin bearing the frog logo has fallen by approximately 5% in the past 24 hours, sparking speculation among investors about the “bullish” sentiment of its price trajectory.
This sentiment stems primarily from the staggering 1.2 trillion PEPE that was offloaded to Binance, one of the leading CEX exchanges, today, May 7. Here’s a closer look at the massive transfer that sparked a wave of bearish thoughts about Pepe Coin’s future moves.
Multisig wallet transfers Pepe coin to Binance
According to reports from several cross-chain transaction tracking platforms, the multi-signature wallet, typically associated with whales or institutions, was responsible for depositing 1.238 trillion PEPE, equivalent to $10.56 million, into Binance. While the coin’s price trajectory has diminished, this massive PEPE dump also sparked bearish sentiment in the market, with investors speculating that the price of PEPE may have peaked.
However, market data shows that the net outflow of PEPE from exchanges also rose in the past 24 hours, sparking mixed sentiments. Net outflows of PEPE from Binance reached $11.32 million in the last 24 hours, while $1.72 million is the net outflow recorded via OKX, undercutting the inflows recorded. This paints a contradictory picture of Bibi’s position in the market.
It is worth noting that CoinGape Media reports showing massive PEPE accumulations over the past few days, tipping the scales more on the bullish side for the token in the long term. However, with the massive sell-off, also accompanied by the declining price trajectory of the frog-themed meme, the short-term picture looks turbulent for PEPE.
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Baby price is falling
As of the time of writing, the price of Pepe Coin has seen a 4.60% decline over the past 24 hours and is currently trading at $0.000008187. The market value of the frog-themed token fell by 4.58%, while 24-hour trading volume rose by 38.77%.
At the same time, Coinglass data showed that the token’s open interest fell by 10.74%, while derivatives volume rose by 22.10%. This collectively underscores the mixed sentiment in the market towards the PEPE token.
However, the price of PEPE may experience volatility in the short term, which is primarily in line with the turbulent world of cryptocurrencies and the market data mentioned above. However, the potential post-BTC halving has not yet begun after this year’s Bitcoin halving event, which is expected to send altcoin prices higher, historical data indicates.
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