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Binance Shuffles 1.15 Trillion PEPE Amid 11% Price Slump

source-logo  thecryptobasic.com 18 June 2024 14:46, UTC

Leading crypto analytics firm Whale Alert indexes a significant movement of Pepe (PEPE) worth over $12 million from between two Binance wallets.

Data from Whale Alert shows an unknown wallet transferred 1,158,893,534,074 (1.15 trillion) PEPE tokens to an address affiliated with the world’s largest crypto exchange. The transaction, which occurred today at 10:29 UTC, was worth $12.34 million at the time of the disclosure.

🚨 1,158,893,534,074 #PEPE (12,342,216 USD) transferred from unknown wallet to #Binancehttps://t.co/fFkuZSc5rC

— Whale Alert (@whale_alert) June 18, 2024

Further Insights on the Transacting Wallets

The crypto tracking service initially indicated that the 1.15 trillion PEPE tokens emanated from an unknown address. However, a brief investigation into the transaction confirmed that the movement stemmed from an in-house transfer between Binance wallets.

Besides Ethereum (ETH), the sending wallet, tagged ‘Binance 70,’ currently holds 76 tokens worth $718.5 million. According to data from Etherscan, the wallet holds nearly 6.78 trillion PEPE, worth $69.83 million at press time.

Similarly, the recipient wallet, labeled ‘Binance 28,’ currently holds 200 tokens, including PEPE. Pepe ranks as the wallet’s second-biggest asset by dollar value, with a holding of 20.25 trillion PEPE ($208.64 million).

Whales Show Massive Interest in Pepe

The recent transaction comes as crypto whales show massive interest in the frog-themed token. This month alone, crypto whales have gulped massive amounts of PEPE tokens from exchanges.

On June 8, a wallet affiliated with venture capital giant Nascent purchased 447.67 billion PEPE from Binance. Notably, PEPE hit a major milestone earlier this month, as its 24-hour trading volume reached a staggering $41 billion on June 4.

Despite the hefty transactions witnessed by Pepe this month, the token’s price has been on a major downturn, with a month-to-date (MTD) decline of 34.1%. Currently, PEPE trades at $0.00001023, representing a decrease of 11.2% over the past day and a 7-day decline of 16.21%.

These declines reflect the bearish direction of the broader crypto market. Pepe is currently ranked as the 23rd most valuable crypto, boasting a market cap of $4.28 billion and a 24-hour trading volume of $1.08 billion.