A huge investor, sometimes referred to as a “whale,” is said to have taken two trillion Pepe (PEPE) tokens, worth around $3.28 million, out of Binance, the largest cryptocurrency exchange in the world by trading volume, according to a report by crypto analytics company Lookonchain.
Just a few hours prior, the same investor withdrew 1.93 trillion PEPE tokens, totaling $3.03 million.
According to Lookonchain, this unidentified whale appears to be selling off other cryptocurrency assets and combining its holdings into Pepe.
According to reports, the investor sold 9,883 Binance Coins (BNB) worth around $3.01 million and 97,735 Chainlink (LINK) tokens for approximately $592,000. Around $342,000 is the projected total loss from these trades.
After switching positions, the whale bought a significant amount of PEPE tokens and 227 ETH, totaling around $424,000 in value. The whale’s total PEPE holdings have increased due to this significant investment to 3.94 trillion tokens, which are now worth an estimated $6.45 million.
PEPE is presently trading at $0.00000172, according to statistics from CoinGecko, with a total market value of over $722 million and a 24-hour trading volume of over $140 million.
PEPE has still lost more than 60% of its value since hitting an all-time high in early May.
