Massive Transfer of PEPE Tokens Raises Concerns Among Investors and Analysts
Recently, a significant transfer of 2.6 trillion PEPE tokens, totaling $21,108,992, from the cryptocurrency exchange KuCoin to an unknown wallet has caught the attention of both investors and analysts.
The reason behind this move may not be far-fetched, as KuCoin witnessed large cryptocurrency withdrawals over the past 24 hours, resulting in a 20% decrease in Assets Under Management (AUM) as the trading platform faced regulatory scrutiny from U.S. regulators.
Additionally, the exchange experienced external outflows totaling $938 million through Ethereum Virtual Machine (EVM) compatible chains, with $840 million of those outflows on the Ethereum network, according to NanScan. Pepe is an Ethereum-based meme coin inspired by the internet meme Pepe the Frog.
Ethereum-based meme coins, such as Shiba Inu and PEPE, witnessed significant movements in the past 24 hours. Two trillion SHIB tokens worth $62,232,000 were transferred from KuCoin to an unknown wallet in a similar move.
PEPE Price Declines by 5%
At the time of writing, the price of PEPE has decreased by 5% in the past 24 hours to reach $0.000007757. These recent declines follow those observed in cryptocurrencies and financial markets as investors assess the latest data and remarks from Federal Reserve officials regarding economic outlook.
This comes amidst uncertainty about when and how many times the Federal Reserve might cut interest rates this year, amid repeated statements from central bank officials that the decision-making process will be influenced by the state of the economy. Some policymakers have also mentioned that there may be fewer cuts than the three expected this year.
Read more The Long-Term Confidence of SHIB Holders in a Growing Market
It also appears that the cryptocurrency market is partially reacting to the latest news from KuCoin and Coinbase. PEPE has largely retraced since reaching its all-time high at $0.00001074. Prices initially dropped to $0.0000058 on March 19 before rebounding to its highest levels at $0.0000087, where it faced resistance.
PEPE is currently down 28% from its all-time high of $0.00001074, achieved on March 14, 2024.
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