PEPE Drops 12% Amid $2.84M Reward Selling Spree

Memecoin PEPE has taken a hit in recent market activity, plummeting by over 12% in the past 24 hours. This decline comes as users sold $2.84 million worth of PEPE rewards on StonkFun.

The selling pressure was triggered by a surge in rewards, with PEPE tokens emanating from the StonkFun reward system where holders of FEELSGOOD received $2.84 million in PEPE tokens.

This influx of PEPE tokens has led to a decrease in buying activity, as evident from the fall in Open Interest (OI) from $400 million to $334 million and a decline in trading volume from $1.32 billion to about $727 million, according to CoinGlass data.

While PEPE's weekly gains remain positive, up 27%, this recent drop could be a short correction before the memecoin continues its upward trajectory. However, if the current trend persists, it may plummet to $0.0000030.