• PEPE has seen a decrease of 6.02% in the past twenty-four hours.
• Experts and investors are still heavily bullish on the meme coin.

Remember a few months ago when Pepe [PEPE] was all the rave? Well, that’s not the case anymore. Over the past twenty-four hours, Pepe has seen a decrease of over 6%, a huge tumble from its good days.

Interestingly, however, data from CoinGecko shows that the community is still largely bullish on the prominent meme coin.

Why is PEPE Down?

Two days ago, Etherscan unleashed a bombshell with its on-chain data, revealing a massive withdrawal of nearly 1 trillion PEPE tokens from Binance [BNB].

This transfer, valued at almost $8 million, turned heads due to its mysterious origins and the use of a high-security Gnosis Safe Proxy wallet. And it wasn’t a one-off, either.

Just a day before, the same shadowy address pulled out another 322.48 billion PEPE tokens, worth around $2.7 million. Take a look:

These transfers seem to be the core reason behind the small FUD that led to PEPE’s plunge. Their timing is also quite intriguing, seeing as they happened during an unexpected 17% surge in prices.

Investors remain unfazed.

However, this has also fueled wild speculations in the community about the possible motives behind the transfers, ranging from market manipulation to unforeseen regulatory crackdowns.

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Author: Jai Hamid

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