A Cryptocurrency Is On The Brink Of A Massive Collapse.. Here Are The Reasons By Crypto Horizon

PEPE has been on a rollercoaster ride this year showing unpredictable highs and lows. After reaching a huge market cap of $2 billion in just a few days. The cryptocurrency has been on a downward trajectory lately. Things could get murkier, as recent data shows that huge amounts of PEPE tokens are being deposited on cryptocurrency exchanges which is usually a bearish sign for the price.

33 Trillion PEPE Sent to Exchanges Recent reports indicate that an unexpected wave of PEPE memes has hit many cryptocurrency exchanges over the past 24 hours. Data first reported by Scope Protocol indicates that these trading platforms are saturated with 33 trillion PEPE tokens. Which is valued at about $46.37 million.

This wave of deposits resulted in a net profit of $22.94 million for the platforms, as they originate from 1,176 unique wallet addresses and not from a single crypto whale.

PEPE Coin Price Action The massive influx of PEPE into trading platforms could be an indication of an impending sell-off on a large scale. Which may have the potential to cause a sharp devaluation of the currency. The value of the popular meme cryptocurrency has declined steadily over the past few days as it lost nearly 30% of its value overnight, following the Coinbase (NASDAQ:COIN) controversy.

Although Coinbase later issued an apology to millions of customers for calling the frog meme a “symbol of hate”. The statement, however, did little to help the price of the cryptocurrency. As is the case now. In the wake of this news – the price of the native Pepe token has fallen by 0.51% in the past hour and is currently trading at $0.000001268.

Crypto Horizon

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