Pepe down 4% amid reports of whale dumping on Binance

The Pepe meme coin has faced selling pressure as the crypto market crashed after a whale allegedly sold a trillion coins.

Crypto influencer Jake Gagain claimed that an unknown Pepe (PEPE) whale transferred one trillion tokens worth approximately $8.7 million to crypto exchange Binance.

🚨 BREAKING NEWS: PEPE WHALE POURED 1 TRILLION TOKENS INTO BINANCE

Very big $PEPE Whale transferred more than 1 trillion tokens to Binance earlier today. The price fell by about 2% during the day. pic.twitter.com/c6hpLywg8v

— JAKE (@JakeGagain) 28 October 2024

Although Crypto.news cannot independently verify Gagain’s report, market data certainly confirms the downward movement in Pepe’s price. The Kermit the Frog-inspired meme coin dropped over 4% in 24 hours, contributing to a 14% decline in the weekly timeframe.

Pepe’s market cap dropped to $3.6 billion as of October 28, but the token remained among the top 30 cryptocurrencies by market cap.

24-hour PEPE price chart – October 28 | Source: crypto.news

The decline spanned crypto’s entire meme coin ecosystem. According to CoinGecko, the meme category fell to $62.2 billion in total after a 14% drop in the past day. Meme coin leaders such as PEPE, Shiba Inu (SHIB), dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI) have all experienced declines in price on both the daily and weekly charts.

Non-meme altcoin and cryptocurrency giants also experienced modest price declines. Total cryptocurrency market capitalization decreased by approximately 1% to around $2.4 trillion.