u.today
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.
— Lookonchain (@lookonchain) May 30, 2024
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
$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.