The analytics X account @lookonchain reports that a mystery whale moved a sizable quantity of PEPE meme coins to the Binance exchange earlier today. The asset’s price saw a significant decline as a result, falling an additional 11% from its most recent all-time high.
The whale made the aforementioned deal with over one trillion PEPE.
Billions of PEPE deposited to Binance
According to the tweet described above, an unknown cryptocurrency dealer moved an incredible 660.7 billion PEPE coins to be sold on Binance a few hours ago. The whale had bought that many meme coins a month prior, according to the X post.
Upon selling this $9.01 million PEPE, he realised a 52% return on his investment, or around $4.95 million. In little than a month, he has made this much profit.
https://x.com/lookonchain/status/1796084144155271414
PEPE plunges 21% after recent all-time high
The PEPE price had dropped 14% in the previous day when the transaction to Binance happened, according to another analytics account, @spotonchain. This account also stated that the coins were purchased for around $4.57 million on both the popular cryptocurrency market MEXC and Binance.
Overall, PEPE has dropped more than 21% since reaching its all-time high of $0.00001718 on May 27. The recent approval of spot Ethereum ETFs by the American Securities and Exchange Commission is probably what sparked the all-time high. PEPE’s exchange rate as of this writing is $0.00001374.
