Speculation of a possible incoming PEPE crash, here's why
- A giant whale moved 4.23 trillion PEPE tokens to Binance, worth a staggering $15.6M.
- The deposit comes right after Binance exchange decided to list PEPE tokens and later halted trades.
- Blockchain detective Lookonchain suggests the whale may sell after Binance resumes trading.
- Market participants now speculate a possible price crash.
There is speculation of a possible incoming Pepe (PEPE) price crash after a giant whale made an enormous transfer of 4.23 trillion PEPE tokens to Binance. Based on current rates, that number of tokens is worth around $15.6 million.
Read Also: PEPE coin surges 250%, and market cap crosses $1.5 billion ahead of Binance listing
The development comes after Binance listed the meme coin on May 5, and later suspended deposits for PEPE and Floki, citing technical issues.
Giant whale moves trillions of PEPE tokens to Binance
The whale bought 313 billion PEPE at $0.000003973 per token for 1.24 million USDT. The whale also exchanged 120 million WOJAK for 27.83 billion PEPE and another 100 million WOJAK for 77.5 million TURBO. All the PEPE tokens were then transferred to the Binance exchange.
This giant whale who bought 4.23T $PEPE ($15.6M) with 422 $ETH ($871K) and 200K $USDC deposited all $PEPE to #Binance 30 mins ago.
— Lookonchain (@lookonchain) May 5, 2023
His average buying cost is $0.0000002535, and the profit is ~$14.5M now!
He may sell after opening trading, watching out for the price change.⚠️ pic.twitter.com/7UoNYG9PJb
The transfer, which blockchain detective Lookonchain revealed, has sparked speculation about a possible Pepe price crash soon. Based on the Lookonchain report, the giant whale’s average buying cost for the tokens was $0.0000002535, suggesting the crypto whale made approximately $14.5 million in profit at current rates.
According to the blockchain sleuth, the whale could decide to hedge the PEPE holdings once Binance resumes trading, an element that has investors concerned and biting their nails as it could cause a significant price shift.
Nevertheless, even as anxiety builds, PEPE continues to enjoy and display a commendable price action, rising 85% in the last 24 hours, 1109% in the last week, and 982% in the last fourteen days as of the time of writing. In the last hour, however, the price is down 6%.
PEPE/USDT 1-Day Chart, PEPE/USDT 1-Week Chart, PEPE/USDT 1-Hour Chart
Despite the bearish speculation, the meme-inspired crypto has catapulted its market capitalization above the one trillion mark to $1.328 trillion, placing it at #42 on the CoinMarketCap list. In tandem with the impressive rally, the token has also attracted massive attention from investors and traders.
Whether PEPE has more room to the upside remains to be seen, considering it has performed supernaturally over the past week.
On a related note, data from Lookonchain shows that the same giant whale that transferred the trillions in PEPE has also invested in Turbo tokens, buying 755 million TURBO using 432,000 USDC.
And this giant whale also bought 755M $TURBO ($605K currently) with 432K $USDC.
— Lookonchain (@lookonchain) May 5, 2023
Address: https://t.co/n43KsTA3BP pic.twitter.com/e90Bifg2Cc
Notably, this is valued at $605,000 at current rates.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
