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- Trillions of meme coin PEPE were traded, leading to a swift drop in price.
- According to blockchain analysis platform Spot On Chain, a multi-signature wallet deposited 1.238 trillion PEPE (equivalent to $10.6 million) to Binance around 06:00 this morning.
- TradingView data shows that immediately after this transaction, the price of PEPE fell by more than 3%.
A sudden influx of meme coin PEPE on Binance led to a significant price drop, raising questions about the motives behind the transaction.
Unprecedented PEPE Transaction on Binance
A multi-signature wallet made a significant deposit of 1.238 trillion PEPE, equivalent to $10.6 million, to Binance early this morning. This transaction is one of the largest involving the meme coin PEPE, and it has had immediate effects on the market. Following the deposit, the price of PEPE fell by more than 3%, according to data from TradingView.
Speculations Surrounding the Transaction
Records of the transaction show that the whale had only been holding the PEPE coins for three days before sending them to Binance. If they were to sell these coins, they would stand to make a profit of around $134,000. This has led to speculation about the motives behind the transaction. The team at Spot On Chain posed the question, “Did the whale know something and that’s why they became bearish on PEPE?” on Twitter.
Conclusion
This significant transaction involving PEPE coins has had immediate effects on the market, leading to a swift drop in price. The motives behind the transaction remain unclear, but it has certainly stirred up discussions within the crypto community. As the situation unfolds, it will be interesting to see how it impacts the future of meme coins and the broader crypto market.
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