A recently established wallet has acquired trillions of PEPE tokens (equivalent to $1.64 million) from the cryptocurrency exchange Binance, according to Debank. PEPE was listed on Binance on May 5 during the meme coin craze but was reportedly removed from Binance’s flexible loans platform. In terms of trading volume, the price of PEPE has outperformed other popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Trillions of PEPE are Being Purchased By Whales From Binance
Two significant whale transactions involving Pepe tokens have recently taken place, indicating a positive trend in the market. One transaction involved a wallet identified as “0xcfff,” which purchased 260 billion $PEPE tokens using 471,700 $USDC, amounting to approximately $1.08 million. Another transaction was made by Twitter user @osf_rekt, who acquired 404.5 billion $PEPE tokens by spending 367 Ethereum, equivalent to $720,000.
As of the latest update, the value of $PEPE tokens is currently at $0.00000174, reflecting a slight decrease of 0.38% within the past hour. However, over the span of one week, there has been a notable surge of 9.31%. The trading volume within the last 24 hours has reached an impressive $393,526,531, indicating a significant increase of 205.13%.
PEPE Price Surge Despite Dumps
Binance, a prominent global cryptocurrency exchange, has recently removed trillions of PEPE as eligible assets for borrowing on its Flexible Loan platform. This delisting has had a notable effect on the trading dynamics associated with the token, resulting in a sudden 15% decrease in its price following the announcement.
According to information provided by CoinGlass, there has been a considerable amount of liquidation activity in relation to short positions on PEPE, reaching a cumulative value of $2.02 million within the past 24 hours. These liquidations make up a significant portion of the total $3.03 million liquidated during the same period.
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