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The massive transfer of 660.7 billion PEPE tokens to Binance caused a significant drop in the price of PEPE, falling by 20% from its peak.
A mysterious whale transferred nearly a trillion PEPE meme coins to Binance earlier today, causing the asset's prices to fall an additional 11% from their recent highs. Specifically, an anonymous cryptocurrency trader transferred 660.7 billion PEPE coins to Binance a few hours ago. The trader had purchased these tokens a month ago.
After selling PEPE for $9.01 million, the whale made a profit of nearly $4.95 million, achieving a 52% return on investment in less than a month.
Another analyst, @spotonchain, noted that this deal was made after PEPE prices had already fallen by 14% in the past 24 hours. They also revealed that the tokens were purchased from both Binance and the main MEXC exchange, with a total spend of around $4.57 million.
Overall, the price of PEPE has fallen more than 21% since hitting an all-time high of $0.00001718 on May 27, possibly driven by the recent SEC approval of an Ethereum spot ETF. Currently, PEPE is trading at $0.00001374.
