Pepe Coin Price Slips As Dev Team Sells 22B PEPE, What’s Next?

Pepe Coin Price Drops Amidst Developer Team's Sale

Pepe Coin experienced a notable price decline today following a substantial sale by its developer team. The PEPE price dropped approximately 4%, interrupting its recent upward trend. This development occurred despite the coin's significant gains over the past few weeks, fueled by investor enthusiasm and the surge in Ethereum coins.

Developer Team Sells 21B PEPE

The PEPE Coin had gained significant momentum in recent weeks, reaching a new price high. Several large crypto transactions had also attracted investor attention, reflecting growing confidence in the asset.

However, the recent sale by the PEPE developer team appears to have shaken market confidence. Blockchain tracking platform Spot On Chain reported that the team sold 21.49 billion PEPE, valued at $355,000, through Binance and decentralized exchanges (DEXs). This sale followed a 130% surge in PEPE's price over the past month, marking a new all-time high for the meme coin.

Developer's Pattern of Selling

Spot On Chain highlighted the developer's pattern of selling, noting that the team had regularly sold Pepe since its price began soaring in late February. According to the report, the developer team sold 282.8 billion PEPE, worth $2.28 million, before the price dropped.

This trend suggests that the developer's actions are closely tied to price movements, potentially contributing to the volatility.

Developer Team Retains Substantial Holdings

Despite these significant sales, the PEPE developer team retains a substantial amount of the meme coin. As of the latest reports, they hold 2.52 trillion PEPE, valued at approximately $42.7 million. This large holding poses a risk to market stability, as future sales could further impact the price.

Source: Spot On Chain, X