The 0xScope team recorded inflows of 3 trillion PEPE meme tokens worth $46.37 million to centralized exchanges over the past 24 hours. Analysts warned of the risks of a dump for the coin.
In the past 24 hours, a large amount of $PEPE has been deposited into exchanges:
33T $PEPE worth $46.37M, with a net deposit of $22.94M from 1,176 addresses.
Beware of MEME coin drop risks pic.twitter.com/443wqMCTTJ
— 0xScope (? . ?) (@ScopeProtocol) May 12, 2023
According to analysts, this amount includes $22.94 million in net deposits sent from 1,176 addresses.
The bulk of the funds is on the crypto exchange Binance, where about 67 trillion PEPE are locked. In total, on CEX 28% of the token’s total supply has been deposited, while on DEX it is less than 0.01%.
The balance of sells and buys is roughly even. However, deposits still exceed withdrawals — 61% vs 38%, respectively.
Over the last 24 hours, the price of PEPE fell by 22%. The trend began on May 5; on the same day there was a listing of the coin on leading centralized exchanges. In less than a week the meme token collapsed from peak values of $0.00000420 to $0.00000128 — nearly 40%.
In April, the PEPE token surged tenfold, turning some holders of the token into millionaires.
In May, an unknown paid $120,000 in commissions to buy the meme cryptocurrency FOUR for $156,000. According to the community, the investor managed to realize a profit of $240,000.