Popular memecoin PEPE dropped roughly 1% as a major token holder sent 500 billion tokens valued around $4.8 million to Binance, adding selling pressure to the token.

The move comes amid a 40-day downtrend that cost the trader roughly $450,000. Tokens are often transferred to accounts on exchanges in preparation for an impending sale. The token most recently traded at $0.00000992, according to market data, bouncing from earlier lows near $0.00000938. Prices swung within a 6% range before recovering toward resistance at $0.00000983.

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