As an experienced analyst, I’ve seen my fair share of market fluctuations and whale activities in the cryptocurrency world. The recent large transaction involving $PEPE on Binance is a stark reminder of the volatile nature of this space.
On Tuesday, a significant transfer of the meme-driven cryptocurrency $PEPE took place at a large scale, causing its value to plummet. This occurred when a major cryptocurrency investor moved their extensive holdings of the meme-themed digital currency to Binance, the prominent cryptocurrency trading platform.
Based on information from the on-chain analysis platform Spot On Chain, a multisignature wallet transferred an enormous amount of 1.238 trillion PEPE tokens, equivalent to approximately $10.6 million, to the Binance exchange prior to a price decrease of nearly 5.2%. This indicates that the large investor may have sold their tokens on the marketplace.
The owner of the wallet from which a large sum of PEPE was transferred remains a mystery. However, this significant transfer is typically associated with major investors in the cryptocurrency market, known as “whales.” According to Spot On Chain’s investigation, this whale had only owned the $PEPE tokens for three days before the transaction. If these tokens were sold on Binance, the profit gained was a mere 1.28%, amounting to approximately $134,000 based on the size of the transaction.
Three hours ago, I observed a multisign wallet depositing a large sum of $10.6M worth of $PEPE tokens into Binance. This transaction triggered a significant price drop of approximately 5.2%. The wallet had only held those tokens for three days prior to the deposit. If the whale decided to sell, they would realize a relatively small profit of around $134K or a 1.28% return on their investment.— Spot On Chain (@spotonchain) May 7, 2024
As a researcher studying the cryptocurrency market, I’ve observed that PEPE‘s price surge last year didn’t result in substantial profits for the large investors or “whales.” In fact, not long after PEPE’s rapid price increase, several whales attempted to capitalize on it by making significant investments. However, their efforts were unsuccessful as the market took a downturn and the price of PEPE plummeted once again.
As an analyst, I’ve noticed that a particular whale in the market suffered a significant loss of $500,000 shortly following PEPE‘s debut on Binance. It is important to mention that Binance had issued a warning to potential investors about PEPE, stating that it lacks any inherent utility or value support mechanism. There have been allegations of potential insider trading regarding PEPE as well, with approximately 7% of the total token supply reportedly acquired by insiders or team members just minutes after the token generation event.
Previously, an astute cryptocurrency investor is believed to have transformed a modest 0.125 ETH investment in PEPE into an astonishing $1.14 million fortune within a short period, thanks to perfectly timed purchases.
Image Credit
Read More
- ALEO PREDICTION. ALEO cryptocurrency
- MUFASA: THE LION KING Trailer Tells the Tale of Mufasa and Scar as Brothers
- ATH PREDICTION. ATH cryptocurrency
- Save or Doom Solace Keep? The Shocking Choice in Avowed!
- Marvel Confirms ‘Avengers: Secret Wars’ as the End of the Multiverse Saga — Here’s What Could Be Next
- Solo Leveling Season 2: Check Out The Release Date, Streaming Details, Expected Plot And More
- How To Fix The First Berserker Khazan Controller Issues on PC
- COMP PREDICTION. COMP cryptocurrency
- OP PREDICTION. OP cryptocurrency
- Persona 5: The Phantom X Navigator Tier List
2024-05-07 20:15