• A whale bought 4.23 trillion PEPE tokens using 422 ETH and 200K USDC and sent them to Binance, causing the token’s price to skyrocket.
• The same day, PEPE hit an all-time high of $0.000004354 but has since declined by 46.53%.
• There is fear that the whale may be trying to recoup profits before a possible dump, which is putting pressure on the market.
PEPE Price Dives After Whale Transfers Tokens
At press time, PEPE was trading at $0.000002328 after experiencing a 10.93% decline in its price over the last 24 hours.
All-Time High Reached
On May 5th, 2023, PEPE hit an all-time high of $0.000004354 after being listed on several major exchanges such as OKX and Binance.
Whale Buys Trillions of PEPE Tokens
According to a tweet by blockchain data provider Lookonchian, a giant whale bought 4.23 trillion PEPE tokens using 422 ETH and 200K USDC before depositing them into Binance on May 5th.
Profit Gained Before Price Drop
Immediately after purchasing trillions of PEPE tokens, the price of PEPE skyrocketed making the whale accrue a profit of about $14.5 million at the time he was depositing it in Binance.
Fear of Possible Token Dump
There is fear in the market that the move by the whale to send millions of meme coins to Binance could be in preparation for selling these tokens in order to recoup their profits before any potential dumps occur causing further losses.