Main navigation

Whales Cash in on Pepe After Binance Listing

Mon, 05/08/2023 - 16:38
article image
Alex Dovbnya
The meme-inspired cryptocurrency Pepe (PEPE) has seen a surge in profit-taking by whales following its recent listing on Binance, the world's largest crypto exchange
Whales Cash in on Pepe After Binance Listing
Cover image via
Read U.TODAY on
Google News

The meme-inspired cryptocurrency Pepe (PEPE) is experiencing a significant wave of profit-taking following its recent listing on Binance, the world's largest crypto exchange.

As of May 8, the token is down -50.70% from its record high of $0.00000431 after a short-lived period of speculative mania.  

According to The Data Nerd, whales have been increasingly taking profit on PEPE, with the total realized PnL reaching $4.5 million in the past 24 hours. This acceleration coincides with the recent downtrend in Bitcoin (BTC) prices.

Ethereum Gas Skyrocketing as Trader Paid 64 ETH in Fees, What's Happening?
As reported by U.Today, A major Pepe whale recently transferred an enormous sum of 4.23 trillion Pepe tokens, equivalent to about $15.6 million, to Binance. The move, which came shortly after Pepe's listing on the exchange, sparked speculation about a possible price crash in the near future.

Despite concerns over the token's speculative nature, Pepe has seen its market cap skyrocket toward more than $1.5 billion, according to CoinGecko data. The sudden rise attracted plenty of attention from speculators. 

Lookonchain reports that the top 15 holders of Pepe tokens, excluding exchanges and contract addresses, collectively hold 38.07 trillion Pepe tokens, representing 9.05% of the total supply. These holders have made a total profit of $92.6 million, with an average buying cost of $0.0000000853 per token. 

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at