Pepe (PEPE), a cryptocurrency inspired by memes, is now going through a massive wave of profit-taking as a result of its recent listing on Binance, the biggest cryptocurrency exchange in the world.
After a brief period of speculative frenzy, as of May 8, the token is down -50.70% from its record high of $0.00000431.
The Data Nerd claims that whales have been profiting more and more on PEPE, with the total realised PnL hitting $4.5 million in the previous day. The current price decline of Bitcoin (BTC) is congruent with this acceleration.
According to U.Today, A huge Pepe whale just sent Binance a massive transfer of 4.23 trillion Pepe tokens, or around $15.6 million, in total. The action, which happened soon after Pepe was listed on the exchange, fuelled rumours that a price crash may occur soon.
Despite worries about the speculative nature of the currency, Pepe has seen its market worth soar to over $1.5 billion, according to statistics from CoinGecko. Speculators paid a lot of attention to the quick increase.
According to Lookonchain, the top 15 Pepe token holders have a combined 38.07 trillion Pepe tokens, or 9.05% of the entire supply, excluding exchanges and contract addresses. With an average purchase price of $0.0000000853 per token, these holders have made a total profit of $92.6 million.
