A crypto whale transferred 1.1 trillion PEPE tokens to Binance, incurring a $1.57 million loss, while keeping 300 billion PEPE worth $3.7 million, reports SpotOnChain.
A cryptocurrency titan has transferred a substantial portion of their holdings in the meme-inspired cryptocurrency PEPE to the leading cryptocurrency exchange Binance, likely with the intention of selling the tokens at a substantial loss of approximately $1.57 million.
The cryptocurrency titan, identified solely by the initials of their wallet, 0x837, transferred 1.1 trillion PEPE tokens valued at approximately $14.2 million to Binance, while simultaneously maintaining 300 billion PEPE tokens valued at $3.7 million in their wallet, as per data shared by on-chain analysis firm SpotOnChain.
The trader has experienced a total loss of approximately $1.7 million on their investment in the meme-inspired cryptocurrency, as well as a total of over $2 million in losses across their entire cryptocurrency portfolio. The majority of the remaining losses were incurred on their Ethereum ($ETH) trading position.
The trader’s recent selling activity suggests a potential capitulation, which is the act of selling an asset at a loss to prevent further declines, as confirmed by SpotOnChain’s data. The trader purchased a total of 2.253 trillion PEPE tokens at an average price of $0.00001325 each.
The capitulation occurred after the price of the meme-inspired cryptocurrency plummeted by approximately 26% over the past month, as part of a broader cryptocurrency market decline that saw the price of the flagship cryptocurrency Bitcoin ($BTC) plummet to a low of $58,000 before recovering to the current price of approximately $61,000.
It also occurs at a time when two substantial whales deposited approximately $26 million in the form of two prominent meme-inspired cryptocurrencies, Shiba Inu ($SHIB) and PEPE, on prominent cryptocurrency exchanges.
PEPE was a popular meme coin that was introduced to the market on April 17, 2023, and was inspired by the infamous meme and animated character Pepe the Frog. The PEPE market has experienced a remarkable growth, despite warnings regarding the contract owner’s potential to modify transaction taxes and blacklist functions.
Previously, a fortunate cryptocurrency investor appeared to have successfully converted a mere 0.125 ETH investment in PEPE into a staggering $1.14 million within a matter of days by purchasing it at the appropriate moment.
