Massive Crypto Whale Capitulates After Losing $1.7 Million on Memecoins

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As a seasoned crypto investor, I’ve seen my fair share of market ups and downs. But nothing quite compares to the rollercoaster ride that comes with investing in meme-inspired cryptocurrencies like PEPE.

A large-scale investor in the meme-driven cryptocurrency PEPE has transferred a substantial amount of their holdings to the prominent crypto exchange Binance, likely intending to sell these tokens and incur a sizable loss estimated at approximately $1.57 million.

Based on information from on-chain analysis company SpotOnChain, the anonymous cryptocurrency holder referred to as 0x837 transferred approximately 1.1 trillion PEPE tokens, equivalent to around $14.2 million, to Binance. At the same time, they kept 300 billion PEPE or roughly $3.7 million in their wallet.

The trader has experienced approximately $1.7 million in losses from their investment in the meme-driven cryptocurrency, while their overall cryptocurrency holdings have resulted in over $2 million in defeats. A significant portion of the remaining amount was incurred through their position in Ethereum ($ETH).

Over the last hour, the whale with the wallet address “0x837” moved approximately 1.1 trillion $PEPE tokens, equivalent to around $14.2 million, into Binance’s deposit address “0x0b1”. Be cautious as this large transfer could potentially lead to significant selling on the centralized exchange soon.— Spot On Chain (@spotonchain) June 26, 2024

According to the information provided by SpotOnChain, a trader has bought a massive amount of 2.253 trillion PEPE tokens, paying an average price of $0.00001325 per token. Their recent selling behavior hints at a possible surrender to losses – unloading assets to prevent further drops in value.

As a researcher studying the cryptocurrency market, I’ve observed a significant decline in the value of a meme-inspired digital currency over the past month. The price drop amounted to approximately 26%. This downturn was not limited to this specific cryptocurrency, as the broader market experienced a slump that pushed the flagship cryptocurrency, Bitcoin ($BTC), down to a low of $58,000. However, Bitcoin has since recovered and is now trading around $61,000.

At the same moment, two massive whales transferred approximately $26 million in market value of the prominent meme-driven cryptocurrencies Shiba Inu ($SHIB) and PEPE onto major cryptocurrency trading platforms.

PEpe the Frog-inspired meme token, PEPE, made its debut on the cryptocurrency scene on April 17, 2023. Despite concerns over the contract owner’s power to manipulate transaction fees and restrict certain functions, this coin has experienced extraordinary growth in popularity.

Previously, a skilled Ethereum investor is believed to have transformed a modest 0.125 ETH stake in PEPE into an astonishing fortune worth $1.14 million within a short time frame, thanks to impeccable timing in making their purchase.

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2024-06-28 06:26