PEPE Token Whale Dumps Billions in Tokens Following Binance Listing Announcement
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Crypto traders are currently grappling with the aftermath of a recent development in the market, which saw a whale address that purchased 570 billion PEPE tokens last month dump up to 229 billion tokens following Binance’s announcement to list the asset.
The On-chain Data Nerd, a Twitter-based data analytics handle, called attention to the development, noting that the whale had dumped 150 billion PEPE. However, data from Etherscan shows that the dump continued, with the amount of dumped tokens now standing at 229 billion.
A massive Whale has taken advantage of the $PEPE @binance listing to dump.
In 1 hour, it sold 150B $PEPE for a gain of 1350x ($500K).
It also has a smaller unrealized profit of 8x on $BABYPEPE, though a loss on $MUSK.https://t.co/R0tSQZ7qeN pic.twitter.com/dUq0NOIlN4
— The Data Nerd (@OnchainDataNerd) May 5, 2023
Following the announcement of the Binance listing, the whale address started dumping tens of billions of PEPE in separate transactions. In total, it amounted to 163 billion tokens in eight different transactions. According to data from The On-chain Data Nerd, the whale made a profit of 134,882%, or 1,348x, after dumping the initial 150 billion tokens, which translates to $485,577. However, information on the profit made from further dumps remains limited.
Apart from holding 291.9 billion PEPE tokens, the whale also holds 6.9 trillion BABYPEPE at a profit of $12,499 and 33.5 million MUSK at a loss of $22,379. Clearly, this whale is not new to the crypto game and has been around for a while, with holdings in several other assets.
The Binance Effect on PEPE
The announcement from Binance to list PEPE and FLOKI in the innovation zone and open spot trading at 16:00 (UTC) had a profound effect on the market. Crypto traders and enthusiasts had been eagerly anticipating this news, and the Binance effect was in full force. The market was abuzz with excitement and anticipation, with many traders hoping to capitalize on the expected surge in prices.
However, the dumps by the PEPE token whale put a damper on the excitement, with traders left scratching their heads in confusion. The market is currently trying to make sense of the whale’s actions and what they mean for the future of the asset. Will the dumps have a significant impact on the price of the tokens? Will traders continue to hold on to their assets, or will they panic and sell?
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