PEPE Reverses Gain as Whales Takes Profit on Binance Listing

The weekend in the digital currency ecosystem has been one of a kind with different investor sentiment translated to price volatility as showcased by fluctuating trends on the charts. For investors in memecoins particularly PEPE, the listing on Binance that was recorded on Saturday marked a major milestone for the memecoin as well as that of Floki Inu (FLOKI), however, the accompanying price plunge proved otherwise.

That PEPE has been a major sensation since it was launched is an understatement. The coin has been shooting toward new price discoveries for over a week, hitting a series of new All-Time Highs (ATHs) along the way. As part of its parabolic growth, PEPE swiftly hit the unicorn status with its market capitalization now pegged at $1.17 billion.

As the 42nd largest altcoin, PEPE reversed some of its gains following the Binance listing as early buyers and whales dumped their assets to take profit on their holdings. The extreme volatility that trailed the listing forced the largest trading platform to suspend the market order functions for PEPE, FLOKI and Shiba Inu.

Despite the losses accrued as showcased by the more than 56% drop in the trading volume, PEPE price has started regaining its momentum at the time of writing. The token is changing hands at $0.000002991 atop a marginal growth of 1.35% over the past 24 hours.

Is the Memecoin Hype Over?

This remains a question on the heart of many observers in the digital currency ecosystem. There are quite a number of whales and influencers who reportedly missed out on the PEPE hype and some others who would like to know whether it is too late to buy in.

For what it’s worth, PEPE and other memecoins now represent a movement that may continually be recycled. With PEPE now trading on Binance, there may be a significant price correction, however, if the core developers continue to introduce additional utility and unique ecosystem updates like SHIB, the entire hype surrounding the token may just be starting over.

The volatility at this time, however, calls for caution and following the words of Chris Blec, this memecoin revolution may come back to hurt some unsuspecting investors.

The post PEPE Reverses Gain as Whales Takes Profit on Binance Listing appeared first on CoinGape.