PEPE Tokens Worth $21 Million Swiftly Relocated from KuCoin, Triggering a 5% Price Dip

A significant transfer of 2.6 trillion PEPE tokens from KuCoin, a major cryptocurrency exchange, has garnered attention from investors and analysts.

Massive PEPE Token Transfer: KuCoin Faces Regulatory Pressure Amidst Significant Crypto Withdrawals

According to Whale Alert, 2,635,658,884,119 PEPE tokens, valued at $21,108,992, were moved from KuCoin to an undisclosed wallet. This move coincides with a period of substantial crypto withdrawals from KuCoin, resulting in a 20% decrease in assets under management (AUM) due to regulatory challenges in the United States.

Ethereum Network Drains Nearly $1 Billion: PEPE and Shiba Inu Among Active Meme Coins

The exchange witnessed significant outflows totaling $938 million through Ethereum Virtual Machine-compatible (EVM) chains, with $840 million being processed on the Ethereum network, as reported by Nansen. PEPE, a meme coin based on the Pepe the Frog internet meme and running on the Ethereum blockchain, experienced notable activity alongside other Ethereum-based cryptocurrencies like Shiba Inu.

At the time of reporting, the price of PEPE had decreased by 5% over the past 24 hours, amounting to $0.000007757. This decline mirrors broader trends in the cryptocurrency and financial markets, influenced by Federal Reserve announcements and economic indicators. The uncertainty surrounding potential interest rate adjustments by the Fed has led to cautious investor sentiment.

PEPE Price Retraces Amid Market Uncertainty: Struggles Persist Despite Recent All-Time High

The recent PEPE price decline follows a pattern observed across the crypto market, with investors closely monitoring developments related to KuCoin and Coinbase. Despite a recent all-time high of $0.00001074, PEPE has faced resistance at the $0.0000087 mark. Currently, PEPE is trading 28% lower than its peak on March 14, 2024.