Whale Transfers 366 Billion PEPE to Binance, Price Drops by 7%

A PEPE whale has caught the attention of the crypto community after transferring a staggering 366 billion tokens to the Binance exchange. The transaction seems to be a strategic move to cash in on already accumulated profits given the recent rise in the price of the coin.

Notably, the whale transaction triggered a significant price drop with market participants concerned about further price movement after its value declined by 7% over the last day.

Smart Investor Moves 366 Billion PEPE With Huge Profit

Spot on Chain, an AI-based blockchain insight platform, reported the transaction earlier today on X (formerly TTwitter). According to the data provided, the whale deposited 366 billion PEPE (valued at $5.31 million) to Binance, the largest crypto exchange by trade volume. A major transfer to a centralized exchange often implies a sell-off given the fact that the whale cashed in on massive profits.

Per the Spot on Chain report, the whale realized a profit an estimated profit of $4.84 million which represents a 985% increase from his original investment.

According to the previous post, the smart trader deposited 660.71 billion PEPE (worth $9.01 million) to the same Binance exchange at the end of May while realizing a profit of $4.44 million. Notably, the whale withdrew the amount of PEPE from Binance and MEXC exchanges at an average price of $4.57 million at the beginning of May. This series of transactions signifies that investors are taking profits after the recent surge in PEPE price that shot the token to its all-time high.

PEPE Price Movements

Meanwhile, the transactions have negatively affected the price of the memecoin. According to data provided by CoinMarketCap, PEPE has declined by 6.52% at the time of writing to trade at $0.00001421. Also, the activities surrounding the token as portrayed in its trading volume, have dropped by 21% over the last 24 hours to $1.28 billion.

Moreover, PEPE has traded between the range of $0.00001402 and $0.00001537 in the last 24 hours, representing a 17.6% reduction from its all-time high of $0.00001717 reached on May 27. In hindsight, PEPE has dropped by 13.39% in the last seven days and has surged by 65.64% over the last month.