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.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.