{"id":338614,"date":"2023-08-27T03:00:23","date_gmt":"2023-08-26T21:30:23","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=338614"},"modified":"2023-08-27T20:56:32","modified_gmt":"2023-08-27T15:26:32","slug":"whats-behind-pepes-recent-dump","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/whats-behind-pepes-recent-dump\/","title":{"rendered":"What&#8217;s behind PEPE\u2019s recent dump?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">PEPEs worth millions were stolen and sent to exchanges on 24 August.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Whale accumulation increased, and PEPE\u2019s price surged by 3% in the last 24 hours.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pepe [PEPE]<\/span><span style=\"font-weight: 400;\"> recently witnessed a massive dump, causing its price to tumble and sparking fear among investors. The memecoin\u2019s official Twitter handle posted a tweet on 26 August, shedding light on the entire episode and mentioning the actual reason for the sell-offs.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here&#8217;s<\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">PEPE market cap in BTC<\/span><\/a><span style=\"font-weight: 400;\">&#8216;s terms\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Moreover, as<\/span> <a href=\"http:\/\/ambcrypto.com\/pepe-witnesses-massive-dump-heres-the-aftermath\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> earlier, while most investors dumped, a few whales took the opportunity to buy more.\u00a0<\/span><\/p>\n<h4><strong>Here is what happened to PEPE<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">As per the official tweet, there were a series of unexpected transactions that took place from the PEPE multi-sig CEX on 24 August, which was the primary reason for the dump. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Wallets in which nearly 16 trillion tokens were transferred to various crypto exchanges, and the required signer count was reduced to 2\/8 wallets.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">an announcement to the <a href=\"https:\/\/twitter.com\/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$PEPE<\/a> community: <\/p>\n<p>Yesterday on August 24th, 2023, a series of unexpected transactions took place from the <a href=\"https:\/\/twitter.com\/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$PEPE<\/a> multisig CEX <br \/>Wallet in which ~16 Trillion <a href=\"https:\/\/twitter.com\/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$PEPE<\/a> tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,\u2026 <a href=\"https:\/\/t.co\/iZmXV1TAvw\">pic.twitter.com\/iZmXV1TAvw<\/a><\/p>\n<p>&mdash; Pepe (@pepecoineth) <a href=\"https:\/\/twitter.com\/pepecoineth\/status\/1695267128428114005?ref_src=twsrc%5Etfw\">August 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Three former team members stole millions of dollars&#8217; worth of tokens and sent them to exchanges for sale. Afterward, they deleted all of their social media accounts after removing themselves from the multi-sig in an effort to disassociate themselves from PEPE. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The episode turned out to be disastrous for the memecoin, as its price fell by 20% on 25 August 2023. However, things were starting to get better.\u00a0<\/span><\/p>\n<h4><strong>PEPE on a path to recovery<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">The good news was that after the bloodbath, PEPE\u2019s price managed to stabilize. In fact, the memecoin was up by nearly 3% in the last 24 hours. At the time of writing, it was<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/pepe\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">trading<\/span><\/a><span style=\"font-weight: 400;\"> at $0.0000009011 with a market capitalization of over $353 million. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It was interesting to note that whale activity around the coin surged drastically during the price plummet. This happened while the supply held by top addresses increased. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The incident clearly meant that whales tapped the opportunity to accumulate more, as they expected the memecoin to rise again. However, the general market\u2019s confidence in<\/span> <a href=\"http:\/\/ambcrypto.com\/pepe-bleeds-can-late-sellers-still-benefit\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">PEPE<\/span><\/a><span style=\"font-weight: 400;\"> was low, as its total number of holders declined during that time.\u00a0<\/span><\/p>\n<figure id=\"attachment_338616\" aria-describedby=\"caption-attachment-338616\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Pepe-PEPE-13.40.14-26-Aug-2023.png\"><img decoding=\"async\" class=\"wp-image-338616 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Pepe-PEPE-13.40.14-26-Aug-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Pepe-PEPE-13.40.14-26-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Pepe-PEPE-13.40.14-26-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Pepe-PEPE-13.40.14-26-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Pepe-PEPE-13.40.14-26-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Pepe-PEPE-13.40.14-26-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Pepe-PEPE-13.40.14-26-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-338616\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are<\/span> <span style=\"font-weight: 400;\">1,10,100 PEPEs worth today<\/span>?<span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Though the metrics looked bullish, a look at the memecoin\u2019s daily chart painted a vague picture. For instance, the Relative Strength Index (RSI) registered a slight uptick from the oversold zone \u2013 a bullish signal. However, the memecoin\u2019s Money Flow Index (MFI) went southward. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, its Chaikin Money Flow (CMF) also took a sideways path. Considering the aforementioned market indicators, only time will tell where <\/span><a href=\"http:\/\/ambcrypto.com\/is-pepe-losing-investor-confidence\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">PEPE<\/span><\/a> moves<span style=\"font-weight: 400;\"> in the days to come.\u00a0<\/span><\/p>\n<figure id=\"attachment_338617\" aria-describedby=\"caption-attachment-338617\" style=\"width: 1815px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/PEPEUSDT_2023-08-26_13-43-17.png\"><img decoding=\"async\" class=\"wp-image-338617 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/PEPEUSDT_2023-08-26_13-43-17.png\" alt=\"\" width=\"1815\" height=\"769\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/PEPEUSDT_2023-08-26_13-43-17.png 1815w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/PEPEUSDT_2023-08-26_13-43-17-300x127.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/PEPEUSDT_2023-08-26_13-43-17-1024x434.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/PEPEUSDT_2023-08-26_13-43-17-768x325.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/PEPEUSDT_2023-08-26_13-43-17-1536x651.png 1536w\" sizes=\"(max-width: 1815px) 100vw, 1815px\" \/><\/a><figcaption id=\"caption-attachment-338617\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>PEPE\u2019s official Twitter handle posted a tweet revealing the reason behind the memecoin\u2019s recent downfall. Whales used the opportunity to increase accumulation.\u00a0<\/p>\n","protected":false},"author":75,"featured_media":338618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[5824,66,3,4,20],"tags":[],"class_list":["post-338614","post","type-post","status-publish","format-standard","has-post-thumbnail","category-memecoins","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What&#039;s behind PEPE\u2019s recent dump? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Pepe [PEPE] recently witnessed a massive dump, causing its price to tumble and sparking fear among investors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/whats-behind-pepes-recent-dump\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What&#039;s behind PEPE\u2019s recent dump? - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"PEPE\u2019s official Twitter handle posted a tweet revealing the reason behind the memecoin\u2019s recent downfall. 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