Whale Sends Trillions of PEPE Tokens to Binance, Price Dives
• PEPE, a meme token recently listed on major exchanges, saw its price drop by 46.53% in just three days after hitting an all-time high of $0.000004354.
• A whale purchased 4.23 trillion PEPE tokens and sent them to Binance on the same day it was announced that the token would be listed there.
• There is fear in the market that this move signals an imminent dump of the token, causing further price drops.
PEPE Token Price Dives
At press time, PEPE was trading at $0.000002328 after declining by 10.93% in the last 24 hours and 46.53% from its all-time high of $0.000004354 on May 5, 2023.
Whale Transfers Trillions of Tokens to Binance
According to blockchain data provider Lookonchian, a giant whale bought 4.23 trillion PEPE tokens using 422 $ETH and 200K $USDC and then deposited them into Binance immediately after purchase – which was also when Binance announced PEPE’s listing – earning a profit of approximately $14.5 million at the time of deposit.
Fear of Imminent Dump
This sudden influx has caused market unrest as traders fear that this could be preparation for an upcoming dump in order for the whale to recoup profits quickly before prices continue falling further.
What Does This Mean For The Market?
The current uncertainty surrounding PEPE’s future means that investors should exercise caution when dealing with this token and ensure they are always up to date with the latest news regarding it before making any decisions regarding their investments in it or any other related tokens or coins.
PEPE’s recent surge followed by subsequent decline is a stark reminder of how volatile cryptocurrency markets can be, even those involving popular meme coins like PEPE which have seen immense success over a short period of time since their launch earlier this year