Whale Alert, a prominent crypto analytics company, has detected a significant movement of Pepe (PEPE) tokens valued at over $12 million between two Binance wallets.
According to data from Whale Alert, an unidentified wallet transferred 1.15 trillion PEPE tokens to an address associated with the largest crypto exchange globally. The transaction took place today at 10:29 UTC and was valued at $12.34 million at the time of reporting.
Further information on the wallets involved in the transaction reveals that the 1.15 trillion PEPE tokens originally appeared to come from an unknown source. However, a closer look into the transaction revealed that it was an internal transfer between Binance wallets.
The sending wallet, labeled ‘Binance 70,’ not only contains Ethereum (ETH) but also holds 76 tokens valued at $718.5 million. Data from Etherscan shows that the wallet has nearly 6.78 trillion PEPE tokens, worth $69.83 million currently.
On the other hand, the receiving wallet, known as ‘Binance 28,’ holds 200 tokens, including PEPE. PEPE is the second-largest asset in the wallet in terms of dollar value, with a holding of 20.25 trillion PEPE, equivalent to $208.64 million.
This recent transaction comes amidst a growing interest from crypto whales in Pepe, the frog-themed token. In the month of June alone, large amounts of PEPE tokens have been acquired by whales from various exchanges.
For instance, on June 8, a wallet associated with Nascent, a venture capital giant, bought 447.67 billion PEPE tokens from Binance. Additionally, on June 4, PEPE saw a significant milestone with a 24-hour trading volume reaching $41 billion.
Despite the substantial transactions involving Pepe this month, the token’s price has experienced a notable decline of 34.1% month-to-date. Currently trading at $0.00001023, PEPE has seen an 11.2% drop in the past day and a 7-day decline of 16.21%.
These price declines align with the general bearish trend in the broader crypto market. Pepe is currently ranked as the 23rd most valuable cryptocurrency, with a market cap of $4.28 billion and a 24-hour trading volume of $1.08 billion.
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