The 0xScope team recorded an influx of 3 trillion PEPE meme tokens worth $46.37 million to centralized exchanges over the past 24 hours. Experts warned of the risks of dumping the coin.
According to analysts, this amount includes $22.94 million of “net” deposits sent from 1,176 addresses.
The bulk of the funds come from the cryptocurrency exchange Binance, which has blocked about 67 trillion PEPE. A total of 28% of all token issuance is deposited on CEX, while DEX accounts for less than 0.01%.
The ratio of coin sales and purchases are approximately equal. However the volume of deposits still exceeds withdrawals – 61% vs. 38% correspondingly.
During the last 24 hours PEPE price fell by 22%. The rate went down on May 5, the same day the coin was listed on the leading centralized exchanges. In less than a week, the meme-token collapsed from a peak of $0.00000420 to $0.00000128 – almost 40%.
Recall that at the end of April, the PEPE token grew tenfold, turning some coin holders into millionaires.
