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On-chain analytics firm Lookonchain reports that a massive 1.5 trillion PEPE tokens were moved to the Binance crypto exchange earlier today.
Lookonchain revealed that three wallets, which could be the same person, transferred 1.5 trillion PEPE into Binance, worth $1.2 million at current exchange rates.
Given that the wallets sold at a lower price than when they received the tokens, a loss of $242,000 was recorded.
The three wallets reportedly withdrew the 1.5 trillion tokens from OKX's crypto exchange after the unexpected 16 trillion PEPE transactions on Aug. 24. The tokens were worth $1.45 million at the time.
Pepe's reputation suffered a major blow near the end of August when three of its anonymous developers unexpectedly sold nearly $16 million worth of tokens.
The official Pepe X (previously known as Twitter) account made a statement regarding the incident, claiming that "three ex-team members" went into the multisig wallet without the consent of others and stole 16 trillion PEPE tokens. This saw the price of Pepe drop as much as 24% subsequently, with little relief.
PEPE price stalls
The sentiment for the frog-themed crypto asset remains weak over two weeks after the incident, as the PEPE price has stalled.
After falling for the rest of August following the ugly occurrence that saw 16 trillion tokens stolen, the PEPE price has failed to move, resorting to a very tight range.
Since the start of the week, the range has shrunk even further, indicating that buyers and sellers are unsure about the PEPE price.
The Pepe team declared that the Pepe coin was "completely useless and for entertainment purposes only" when it was first created. Given that the token serves no purpose as a meme coin, the odds of a market recovery for the Pepe crypto asset remain unknown.
For a likely comeback, interest in the frog-themed asset needs to be revived, or a use case generated that might bring on its relevance.
Alex Dovbnya
Valeria Blokhina
