A PEPE whale has caught the attention of the crypto community after transferring a staggering 366 billion tokens to the Binance exchange. The transaction seems to be a strategic move to cash in on already accumulated profits given the recent rise in the price of the coin.
Notably, the whale transaction triggered a significant price drop with market participants concerned about further price movement after its value declined by 7% over the last day.
Smart Investor Moves 366 Billion PEPE With Huge Profit
Spot on Chain, an AI-based blockchain insight platform, reported the transaction earlier today on X (formerly TTwitter). According to the data provided, the whale deposited 366 billion PEPE (valued at $5.31 million) to Binance, the largest crypto exchange by trade volume. A major transfer to a centralized exchange often implies a sell-off given the fact that the whale cashed in on massive profits.
Per the Spot on Chain report, the whale realized a profit an estimated profit of $4.84 million which represents a 985% increase from his original investment.
40 mins ago, a whale deposited 366B $PEPE ($5.31M) to #Binance, realizing an est. profit of $4.84M (+985%)!Notably, the whale shared the same deposit address as 2 other smart traders who realized a profit of $4.46M (+98%) from $PEPE 5 days ago (previous tweet).Follow… https://t.co/t8q8DY0UaH pic.twitter.com/uUes3FQTeO
— Spot On Chain (@spotonchain) June 4, 2024
Furthermore, the aforementioned tracker noted that the whale might have been involved in recent sell-offs as he shares the same wallet address as two other traders who cashed in on huge profits from PEPE about 5 days ago.
According to the previous post, the smart trader deposited 660.71 billion PEPE (worth $9.01 million) to the same Binance exchange at the end of May while realizing a profit of $4.44 million. Notably, the whale withdrew the amount of PEPE from Binance and MEXC exchanges at an average price of $4.57 million at the beginning of May. This series of transactions signifies that investors are taking profits after the recent surge in PEPE price that shot the token to its all-time high.
PEPE Price Movements
Meanwhile, the transactions have negatively affected the price of the memecoin. According to data provided by CoinMarketCap, PEPE has declined by 6.52% at the time of writing to trade at $0.00001421. Also, the activities surrounding the token as portrayed in its trading volume, have dropped by 21% over the last 24 hours to $1.28 billion.
Moreover, PEPE has traded between the range of $0.00001402 and $0.00001537 in the last 24 hours, representing a 17.6% reduction from its all-time high of $0.00001717 reached on May 27. In hindsight, PEPE has dropped by 13.39% in the last seven days and has surged by 65.64% over the last month.
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