Investor confidence in PepeCoin dwindles amid massive developer liquidations

PepeCoin (PEPE) dominated crypto trends over the past few weeks as it exploded to new all-time highs.

Significant whale accumulations amid recovering broad markets reflected magnified confidence in the meme token.

Nonetheless, the latest liquidations by the PEPE team could dent market confidence.

Reports reveals developers sold 21.49 billion coins (worth around $355,000) through DEXs and Binance.

Notably, the sale happened after PEPE surged over 130% to ATHs last month.

Meanwhile, Spot On Chain confirmed that the developers have offloaded tokens depending on price actions.

The team sold 282.766 billion coins (worth $2.28 million) before the latest price dip.

Meanwhile, the team still holds around 2.52 trillion PepeCoins, worth $42.7 million.

Some market players remain concerned about possible future sales could plummet PEPE’s value.

However, some remain confident about the meme token, taking the current developments as temporary setbacks in the crypto market.

Nevertheless, the massive sales at price peaks attracted speculations about the team’s strategies.

While others trust the developers capitalize on heightened prices, some believe it is a plan to finance development efforts and offer liquidity.

PEPE price outlook

The altcoin displayed bearishness at press time, down 1.29 on the daily chart to hover at $0.0000164.

Also, the 24-hour trading volume flashed reduced activities, down 7% to $2.57 billion.

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