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According to the analytics X account @lookonchain, earlier today, a mysterious whale transferred a significant amount of PEPE meme coins to the Binance exchange. This gave the asset’s price a major push downwards, making it fall another 11% from the recently reached all-time high.
The whale moved close to one trillion PEPE to the aforementioned exchange.
Billions of PEPE deposited to Binance
The above-mentioned tweet shows that several hours ago, an anonymous cryptocurrency trader transferred a whopping 660.7 billion PEPE coins to be sold on Binance. The X post reveals that the whale had purchased that many meme coins a month ago.
After selling this PEPE worth $9.01 million, he made approximately $4.95 million with a 52% return on his investment. This is the profit he has made in less than one month.
The price of $PEPE has fallen nearly 20% from its peak.
In the past 10 minutes, a whale deposited all 660.7B $PEPE($9.52M) bought a month ago into #Binance, making ~$4.95M, with an ROI of 52%.https://t.co/XTaeBlTNMLhttps://t.co/57yCOHJvpe pic.twitter.com/F6IV3qhrlq
— Lookonchain (@lookonchain) May 30, 2024
PEPE plunges 21% after recent all-time high
Another analytics account, @spotonchain, noted that the transaction to Binance took place after the PEPE price plunged by 14% over the past 24 hours. This account also added that these coins were bought not only on Binance but on the major cryptocurrency exchange MEXC as well, paying approximately $4.57 million for them.
Overall, after the recently achieved all-time high of $0.00001718 (May 27), PEPE currently is down by more than 21%. The all-time high was likely provoked by the recent decision by the American Securities and Exchange Commission to greenlight spot Ethereum ETFs. At the time of this writing, PEPE is changing hands at $0.00001374.
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