The PepeCoin (PEPE) market took a nosedive today, shedding more than 20% of its value, according to CoinGecko data.

Tweets from several blockchain monitoring services, including Lookonchain, suggest that the developers behind PepeCoin moved 16 trillion PEPE tokens out of a multi-signature "CEX wallet."

About 8.5 trillion of these were promptly sold on the OKX exchange, contributing to PepeCoin's sudden market devaluation.

Jason Cline, a crypto analyst, detailed how funds have been distributed: $8.3 million to OKX, $6.6 million to Binance, about $440,000 to Bybit, and an additional $400,000 to an unidentified wallet.

The trading activity surrounding PepeCoin has been feverish, marked by a 24-hour trading volume of over $219 million. Early adopters of the token are also cashing out, with one investor recently selling 1.88 trillion PEPE tokens for a sum of 1,010 ETH, equivalent to $1.68 million.

Created by an anonymous developer or group and built on the Ethereum blockchain, PEPE has no additional functionality beyond being a means of digital transaction.

Despite its meme status and high-risk factors, including the anonymity of its creators, the coin has achieved considerable trading volume and had a dramatic price rally since its April 2023 launch before the seemingly inevitable downturn.

Some early investors have reaped sizable profits, but the token has also seen an 80% decline from its all-time high just four months ago, casting a shadow over its future prospects.

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