$PEPE, a frog meme-inspired cryptocurrency, recently experienced a massive profit-taking sell-off by early buyers after Binance announced the listing of $PEPE. Binance is the world’s largest cryptocurrency exchange in terms of volume. After $PEPE got listed on Binance, the crypto community saw a significant buzz around this token, leading to a spike in its price.
CoinGecko data reports state that $PEPE’s market cap shot up to more than $1.5 billion at the time of listing, undeterred by concerns regarding its speculative characteristics. This sudden surge has been successful in attracting loads of speculation from speculators.
The enhanced demand for Pepe tokens post its listing attracted the attention of investors looking to make quick profits. It prompted the “whales” to interfere and influence the buying and selling activity with their enormous investments.
As a result, the token went down -60.70% from the record high of $0.00000431 after experiencing a short-lived speculation frenzy. Further, the official Data Nerd report shows early buyers taking profit on $PEPE within 24 hours.
The top 15 Pepe holders (excluding exchanges and contract addresses), which cover 9.05% of the total Pepe token supply, made an average total profit of $92.6 million while the average buying cost of the token comes to $0.0000000853.
Many crypto-holders saw Pepe’s rise in price as unsustainable. They pointed out the highly volatile crypto market and several other factors like market conditions, news events, and regulatory developments behind the rapid fluctuation of Pepe’s prices.
A report even shows that a major Pepe whale recently shifted a significant sum of 4.23 trillion Pepe tokens to Binance. If you don’t know, this amount equals $15.6 million. This whale movement came shortly after Binance announced Pepe’s listing on its platform, and further fueled the price crash frenzy.
However, regardless of the concerns, several traders and investors remained bullish to make the best of the situation. Also, the crypto community seems supportive of the long-term prospects of Pepe, some even touting it as the next “Shiba Inu token”.
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