The once-booming meme coin Pepe (PEPE) has hit a rough patch, experiencing a price drop of nearly 10% in the past 24 hours. This sudden downturn comes amidst a flurry of questions surrounding massive token withdrawals from a major exchange and the overall future of the meme-inspired cryptocurrency.

Just a few months ago, PEPE was riding high, capturing the attention of crypto enthusiasts with its rapid price surges. However, the tides seem to have turned. The recent price drop has cast a shadow of uncertainty over the meme coin’s future trajectory.

While some might attribute the dip to a typical correction in the volatile cryptocurrency market, recent on-chain data paints a more intriguing picture.

According to Etherscan, a blockchain analytics platform, a massive withdrawal of nearly 1 trillion PEPE tokens, valued at almost $8 million, occurred two days ago. The origin of the transfer remains shrouded in mystery, with a high-security Gnosis Safe Proxy wallet facilitating the movement.

This wasn’t an isolated event either. Data reveals another withdrawal of 322.48 billion PEPE tokens, worth around $2.7 million, from the same shadowy address just a day prior.

The timing of these hefty transactions couldn’t be more perplexing. They coincided with an unexpected 17% surge in PEPE’s price, leading to speculation and fear, or FUD, within the cryptocurrency community.

Theories range from market manipulation tactics to the possibility of unforeseen regulatory crackdowns, causing jitters among investors.

Interestingly, despite the price drop and surrounding uncertainty, CoinGecko data indicates that the PEPE community remains largely bullish. This unwavering optimism is further bolstered by the influx of 703 new PEPE holders in the past day.

Prominent cryptocurrency figures like renowned analyst David Gokhshtein, who thinks PEPE will continue to be Dogecoin’s major rival in the imminent bull market anticipated later this year, are fanning the bullish flames.

I think you’ll see a crazy battle between $PEPE & $DOGE this meme season.

— David Gokhshtein (@davidgokhshtein) May 6, 2024

Meanwhile, as the community sentiment leans towards optimism, and some experts see significant growth potential, the recent price drop and the enigma surrounding the large token withdrawals highlight the inherent volatility of the cryptocurrency market.

Featured image from KnowYourMeme, chart from TradingView

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