Pepe Coin, the popular meme cryptocurrency, has experienced a significant price drop after its developer team sold a large quantity of the token. The PEPE price fell by around 4%, halting its recent upward trajectory, despite the coin enjoying substantial gains over the past few weeks.

The PEPE Coin has gained notable traction over the past few weeks, with its price touching a new high recently. Several large transactions of the crypto have also caught the eyes of investors, reflecting the growing confidence in the cryptocurrency.

However, the recent sale by the PEPE developer team seems to have shaken market confidence. Blockchain tracking platform Spot On Chain reported that the team sold 21.49 billion PEPE, valued at $355,000, via Binance and decentralized exchanges (DEXs). Notably, this sale followed a 130% surge in PEPE's price over the last month, marking a new all-time high for the meme coin.

Spot On Chain highlighted the developer's pattern of selling and noted that the developer team has often sold Pepe since the price started soaring in "late February". As per the report, the developer team sold 282.8 billion PEPE, worth $2.28 million, before the price dropped. This trend suggests that the developer's actions are closely tied to price movements, potentially contributing to the volatility.

Despite these significant sales, the PEPE developer team retains a substantial amount of the meme coin. As of the latest reports, they hold 2.52 trillion PEPE, valued at approximately $42.7 million. This large holding continues to pose a risk to market stability, as future sales could further impact the price.

The community's reaction to the developer sales has been mixed. Some investors are concerned about the potential for future sell-offs, which could depress the coin's value. Others remain optimistic, viewing the current dip as a temporary setback in the broader context of PEPE's growth trajectory.

As of writing, PEPE Coin price was down 3.67% and exchanged hands at $0.00001636, after touching its all-time high of $0.00001718 in the last 24 hours. Over the last 24 hours, the meme coin has touched a low of $0.00001569. Pepe Coin's recent performance has attracted considerable attention in the cryptocurrency world, with its dramatic price movements highlighting both its potential and volatility. As the coin continues to evolve, investors will be closely watching the developer team's actions and broader market trends.