HomeBinance UpdatesPEPE Hits Record High in Bull Market, Faces Profit-Taking and Slowdown Ahead

PEPE Hits Record High in Bull Market, Faces Profit-Taking and Slowdown Ahead

PEPE Price Surges to All-Time High Before Cooling Off

The price of PEPE, a popular meme coin, reached a new all-time high of $0.000017 in the fourth week of May, driven by the approval of spot Ethereum ETFs and Bitcoin’s climb towards $70,000. This surge in price signaled a major bull market for PEPE, but recent data suggests a potential cooling period as trade volumes decline and large holders, known as whales, begin to take profits.

In a recent development, the PEPE development team sold 21.49 billion PEPE tokens, valued at $355,000, through Binance and decentralized exchanges (DEX) at an average price of $0.00001651. Since late February, the team has sold a total of 282.8 billion PEPE tokens, netting approximately $2.28 million. Interestingly, these sales often preceded price drops, indicating strategic timing by the team.

Currently, the PEPE team’s wallet holds a substantial 2.52 trillion PEPE tokens, worth around $41.7 million. Despite the recent 134% increase in PEPE’s price over the past 30 days, it has declined by 6% today, reflecting the market’s reaction to profit-taking activities.

The rapid rise and subsequent slowdown of PEPE highlight the volatile nature of the cryptocurrency market, especially for meme coins. While early investors saw significant gains during the surge, the current market behavior suggests a period of consolidation as traders and whales reassess their positions.

The PEPE community and investors are eagerly watching for future developments and potential price movements. It is important for investors to exercise caution and stay informed about market trends and the activities of key stakeholders in the ecosystem.

As always, it is essential to conduct thorough research before buying any cryptocurrency or investing in any services. Stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news by following us on Twitter @nulltxnews.

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