In a dramatic move, a major Pepe whale has transferred an enormous sum of 4.23 trillion Pepe tokens, equivalent to about $15.6 million, to Binance
A major Pepe whale has made a sizable move, transferring an astonishing 4.23 trillion Pepe tokens, equivalent to roughly $15.6 million, to Binance.
The development, which was highlighted by blockchain sleuth Lookonchain, came right on the heels of Pepe’s listing on the world’s largest crypto exchange earlier today.
The whale’s substantial transfer has triggered a wave of speculation about a possible price crash in the near future.
The crypto whale’s average buying cost for the tokens was $0.0000002535, indicating a potential profit of around $14.5 million based on the current price.
Lookonchain suggests the whale may decide to sell post the commencement of trading, keeping investors on their toes for a potential shift in price.
Despite the anxiety around the speculative nature of the token, Pepe has been enjoying a considerable uptick in value. As per data sourced from CoinGecko, the meme-inspired cryptocurrency has surged by an impressive 104.8% on Friday, taking its market cap to over $1.4 billion.
With its current ranking at 41, Pepe has been attracting significant attention from investors and traders.
Lookonchain has also noted that the same whale has made a move on TURBO tokens, buying up 755 million of them, currently worth $605,000, with 432,000 USDC.
It remains to be seen whether Pepe has more room to run after recording stunning gains over the past week.