Crypto Analyst Decodes Pepe Coin's Sudden Freefall: Is The Bottom In?
Portfolio Pulse from Murtuza Merchant
A significant amount of Pepe (CRYPTO: PEPE) meme coin entered crypto exchanges, leading to a decline in its price. The token's market value decreased by $100 million, dropping from $444.4 million to $344.7 million. This was after 16 trillion tokens were transferred from the PEPE multisig wallet to addresses linked with Binance, OXK and Bybit. Crypto analyst Miles Deutscher stated that while profit-taking in crypto was normal, the suddenness of the transactions raised some red flags.
August 25, 2023 | 9:02 pm
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Pepe (CRYPTO: PEPE) meme coin's value dropped significantly after a large amount was transferred to crypto exchanges.
The sudden influx of Pepe meme coin into crypto exchanges led to a decline in its price. This was due to concerns about unusual activities related to the project's multisig, one of the primary holders of this cryptocurrency. The lack of communication about these transactions also raised red flags.
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