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PEPE team dumps tokens worth tens of millions of dollars, causing PEPE to drop nearly 20%; BTC and ETH fall back to June levels

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PEPE team dumps tokens worth tens of millions of dollars, causing PEPE to drop nearly 20%; BTC and ETH fall back to June levels

Recently, Bitcoin and Ethereum have both dropped below $26,000 and $1,600 respectively. The rally brought by BlackRock's application for a Bitcoin spot ETF has completely evaporated. Additionally, the PEPE team earlier adjusted the multi-signature wallet threshold and sold tokens, leading to a nearly 20% decline in PEPE.

BTC and ETH Fall Back to June Levels

While the top ten cryptocurrencies seem relatively stable, Bitcoin briefly dropped below $26,000 and ETH fell to $1,547 on the 23rd, both returning to early June levels.

This means that the gains in the crypto market from BlackRock's application for a Bitcoin spot ETF have completely retraced.

However, on-chain analytics firm Lookonchain pointed out that in the past 7 days, four large holders have accumulated $94 million worth of ETH.

Today in the crypto market, the most volatile and talked-about is the meme coin PEPE.

PEPE Team Sells Coins, Early Holders Follow Suit

The crypto community @Crypto_Noddy pointed out early on August 25 that the PEPE multi-signature wallet would lower the threshold to 2/8 signatures and transfer 16 trillion PEPE tokens to exchanges through several transactions.

On-chain detective ZachXBT listed specific numbers:

  • 6.7 trillion PEPE, about $6.5 million, transferred to Binance

  • 8.5 trillion PEPE, about $8.2 million, transferred to OKX

  • 445.1 billion PEPE, about $434,000, transferred to Bybit

  • 400 billion PEPE, about $389,000, transferred to other addresses

The abnormal behavior of the PEPE official team has led some large PEPE holders to sell their tokens as well.

Early PEPE Holders Take Profits

On-chain analyst EmberCN noted that an early PEPE buyer promptly liquidated 1.88 trillion PEPE, about $1.67 million.

This address bought 2.43 trillion PEPE on April 15 for 0.03 ETH, about $60, and sold 554.7 billion PEPE for about $670,000 in batches, finally selling the remaining 1.88 trillion PEPE today.

Lookonchain also pointed out that another early PEPE investor sold 932 billion PEPE for 524 ETH, about $870,000.

Earlier, Lookonchain mentioned that market maker Wintermute also deposited 1.2 trillion PEPE tokens into Binance.