Pepe down 4% amid reports of whale dumping on Binance

Pepe meme coin faced selling pressure as the broader crypto market dipped, with reports of a whale allegedly selling one trillion coins.

Crypto influencer Jake Gagain claimed that an unknown Pepe ($PEPE) whale offloaded one trillion tokens, worth approximately $8.7 million, on crypto exchange Binance.

While crypto.news was unable to independently verify Gagain’s report, market data certainly confirms a downward movement in Pepe’s price. The Kermit the Frog-inspired meme coin slumped over 4% in 24 hours, adding to a 14% decline on the weekly timeframe.

Pepe’s market cap retraced to $3.6 billion as of Oct. 28, though the token remained within the top 30 cryptocurrencies by market valuation.

24-hour $PEPE price chart – Oct. 28 | Source: crypto.news

The drawdown encompassed crypto’s entire meme coin ecosystem. According to CoinGecko, the meme category was down to $62.2 billion in total after a 14% drop in the past day. Meme coin leaders like $PEPE, Shiba Inu (SHIB), dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI) all dropped in price across both daily and weekly charts.

None-meme altcoin and crypto majors also suffered modest price regressions. The total cryptocurrency market cap was down nearly 1% and hovered around $2.4 trillion.