Pepe down 4% amid reports of whale dumping on Binance

The Pepe meme coin experienced selling pressure as the broader cryptocurrency market saw a dip, with reports circulating about a whale allegedly unloading a massive amount of coins.

Crypto influencer Jake Gagain reported that an unknown Pepe whale sold off one trillion tokens, worth around $8.7 million, on the Binance exchange. This large sale triggered a wave of selling activity, contributing to downward price action for the meme coin. The significant sell-off comes amid broader market uncertainty, often exacerbating price fluctuations for lower liquidity assets like meme coins.

While pinetbox.com was unable to independently verify Jake Gagain’s report, market data does confirm a noticeable downward movement in Pepe’s price. The Kermit the Frog-inspired meme coin dropped by more than 4% in the last 24 hours, extending its 14% weekly decline.

As of October 28, Pepe’s market capitalization retreated to $3.6 billion, though it remained in the top 30 cryptocurrencies by market valuation.

The broader sell-off extended across the meme coin sector, as noted by CoinGecko, which reported that the meme coin category as a whole fell to $62.2 billion, marking a 14% decline in just one day. Meme coin leaders, such as PEPE, faced significant losses along with other tokens in the space.

Shiba Inu (SHIB), Dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI) all experienced price declines across both daily and weekly charts. SHIB dropped by 9.31%, WIF fell 4.53%, BONK slid 4.09%, and FLOKI saw a 9.95% decrease.

The broader crypto market also saw a modest downturn, with both non-meme altcoins and major cryptocurrencies suffering slight price regressions. The total cryptocurrency market capitalization dipped by nearly 1%, hovering around the $2.4 trillion mark.