Mai 9, 2023

PEPE Price Plunges After Whale Transfers Billions of Tokens to Binance

Von admin

• PEPE, a meme token, recently saw its popularity increase after getting listed on several major exchanges.
• A giant whale purchased 4.23 trillion PEPE tokens using 422 $ETH and 200K $USDC, then deposited all the bought tokens to Binance.
• The fear of the whale selling the bought tokens has caused the price of PEPE to drop by 46.53%.

The Rise of PEPE Token

PEPE, a meme token, recently saw its popularity go through the roof after getting listed on several major exchanges including OKX and Binance. At press time, PEPE was trading at $0.000002328 and had hit an all-time high of $0.000004354 on May 5th, 2023.

Whale Buys Trillions Of 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. The whale then deposited all the purchased PEPE to Binance which was announced on May 5th – the same day as when it hit it’s all-time high price of 0.000004354.. This move made the whale accrue a profit of about $14.5 million before depositing in Binance.

Price Drop After Whale Transfer

Immediately after these transactions were made, there is fear in the market that this move by the whale could be in preparation to sell these tokens in order to recoup profits before they dump – causing pressure on the market resulting in current price drop of 10.93% within 24 hours and 46 % since hitting its all-time high three days ago respectively..

Potential Impact On Market

It is uncertain whether or not this transaction will have any long term negative effects on PEPEs prices or if this will just be a minor dip for now before prices recover again – only time can tell how this move affects prices going forward and what impact it may have on other markets involved with cryptocurrency trading such as altcoins or stablecoins like USDC .

Conclusion

Overall ,the transfer of 4 trillion tokens from one wallet to another , although having some short term impacts , may not necessarily mean any permanent damage for Pepe’s price .The ultimate outcome still remains unsure until further developments are seen .