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Pepe meme coin faced selling pressure as the broader crypto market dipped, with reports of a whale allegedly selling one trillion coins.
Crypto influencer Jake Gagain claimed that an unknown Pepe (PEPE) whale offloaded one trillion tokens, worth approximately $8.7 million, on crypto exchange Binance.
🚨 BREAKING: PEPE WHALE DUMPS 1 TRILLION TOKENS ON BINANCE
A massive $PEPE whale offloaded over 1 trillion tokens to Binance earlier today. Price dipped roughly 2% intraday. pic.twitter.com/c6hpLywg8v
— JAKE (@JakeGagain) October 28, 2024
While crypto.news was unable to independently verify Gagain’s report, market data certainly confirms a downward movement in Pepe’s price. The Kermit the Frog-inspired meme coin slumped over 4% in 24 hours, adding to a 14% decline on the weekly timeframe.
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Pepe’s market cap retraced to $3.6 billion as of Oct. 28, though the token remained within the top 30 cryptocurrencies by market valuation.
24-hour PEPE price chart – Oct. 28 | Source: crypto.news
The drawdown encompassed crypto’s entire meme coin ecosystem. According to CoinGecko, the meme category was down to $62.2 billion in total after a 14% drop in the past day. Meme coin leaders like PEPE, Shiba Inu (SHIB), dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI) all dropped in price across both daily and weekly charts.
None-meme altcoin and crypto majors also suffered modest price regressions. The total cryptocurrency market cap was down nearly 1% and hovered around $2.4 trillion.
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