Whale Sends Trillions of PEPE to Binance, Price Plunges

• PEPE token recently saw a surge in its popularity and hit an all-time high of $0.000004354 on May 5, 2023.
• A whale then bought 4.23 trillion PEPE tokens using 422 $ETH and 200K $USDC and deposited them to Binance, resulting in a steep price drop of 46.53% over the following three days.
• Fears that the whale will sell these tokens have caused further pressure on the market, causing PEPE’s price to dive by 10.93% in the last 24 hours.

PEPE Price Dives after Whale Transfers Trillions of Tokens to Binance

Rise in Popularity

PEPE, a meme token, recently experienced a surge in its popularity and hit an all-time high of $0.000004354 on May 5, 2023.

Whale Transaction

A giant whale then purchased 4.23 trillion PEPE tokens using 422 $ETH and 200K $USDC before depositing them into Binance on the same day they were listed there. This caused a rapid decline in price as it fell by 46.53% over the following three days from its all-time high value mentioned earlier. The whale made an estimated profit of $14.5 million when he made this transaction.

Fears Cause Further Pressure

The fear that this whale may sell off these tokens has caused further downward pressure on PEPE’s market resulting in it dropping by 10.93% within the past 24 hours at press time according to blockchain data provider Lookonchian’s tweet about this matter..

Conclusion

In conclusion, PEPE’s recent rise in popularity was short lived as fears that the transactions made by one large investor could lead to further selling pressure has been realized with it falling back down significantly from its peak just days ago