Pepe Meme Coin Faces Selling Pressure Amid Broader Crypto Market Dip

The Pepe meme coin experienced significant selling pressure as the overall crypto market declined. Reports suggest that a whale allegedly sold one trillion coins.

Alleged Whale Activity

Crypto influencer Jake Gagain claimed that an unknown Pepe whale offloaded one trillion tokens, worth approximately $8.7 million, on the crypto exchange Binance.

🚨 BREAKING: PEPE WHALE DUMPS 1 TRILLION TOKENS ON BINANCE

Despite the inability to independently verify Gagain’s report, market data 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 over the past week.

Market Impact

Pepe’s market cap retraced to $3.6 billion as of October 28, although it remained within the top 30 cryptocurrencies by market valuation.

The decline affected the entire meme coin ecosystem. According to CoinGecko, the meme category fell to $62.2 billion in total market cap after a 14% drop in a single day. Leading meme coins like PEPE, Shiba Inu, dogwifhat, Bonk, and Floki all saw price drops on both daily and weekly charts.

Broader Crypto Market Trends

Non-meme altcoins and major cryptocurrencies also suffered modest price regressions. The total cryptocurrency market cap decreased nearly 1%, hovering around $2.4 trillion.

For more news and updates on the crypto market, visit Global Crypto News.

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