According to a report by crypto analytics firm Lookonchain, a large investor, colloquially known as a whale, has reportedly withdrawn two trillion Pepe (PEPE) tokens, valued at around $3.28 million, from Binance, the world's largest cryptocurrency exchange by trading volume.
This move came just hours after the same investor pulled 1.93 trillion PEPE tokens worth approximately $3.03 million.
This anonymous whale, as revealed by Lookonchain, appears to be offloading other cryptocurrency assets and consolidating its portfolio into Pepe.
The investor reportedly sold 97,735 Chainlink (LINK) tokens, valued at approximately $592,000, and 9,883 Binance Coins (BNB), worth around $3.01 million. The total estimated loss from these transactions amounts to around $342,000.
After swapping its positions, the whale acquired a massive load of PEPE tokens alongside 227 Ether (ETH), valued at about $424,000. This substantial investment has boosted the whale's total PEPE holdings to 3.94 trillion tokens, estimated to be worth $6.45 million.According to CoinGecko data, PEPE is currently trading at $0.00000172, with a total market capitalization of over $722 million and a 24-hour trading volume of approximately $140 million.
PEPE is still down more than 60% from the all-time high that was achieved in early May.