Binance, a well-known centralized crypto exchange, has recently witnessed a significant development in terms of outflows. PEPE, a famous meme coin named PEPE has reportedly experienced an enormous outflow of up to 1.19 trillion tokens (equaling nearly $1.88 million). The latest reports have brought to the front that a trader is behind the respective outflow.
1 Trillion PEPE Tokens Leave Binance after the Trader Makes $8.13 Profit
Some market onlookers have attempted to highlight the things related to the respective event. In this respect, Lookonchain (a popular on-chain statistics provider) took to its official channel on the social media platform X. In its recent post, it noted that this event started a couple of weeks back. Overall, the trader effectively made significant profits with the PEPE tokens.
In just 2 weeks, this trader made $8.13M(+431%) on $PEPE!
This trader deposited 196.18B $PEPE($1.7M) to #Binance for profits 4 hours ago, with 1T $PEPE($8.31M) left.
He withdrew 1.19T $PEPE(cost ~$1.88M) from #Binance before the price of $PEPE increased.… pic.twitter.com/FWZgIWcCYP— Lookonchain (@lookonchain) March 10, 2024
Lookonchain has claimed in its X post that the trader generated up to $8.13 million with PEPE. The respective figure points out that the trader remained successful in making almost 431% profit with the tokens. While moving on, the blockchain analytics platform disclosed that the trader deposited a minimum of approximately 196.18 billion PEPE tokens.
The value of the coins that Binance received is nearly $1.7 million. Following making substantial earnings, the trader made another move. As per Lookonchain, the trader withdrew more than one trillion tokens from the crypto exchange. This development is potentially shocking for the members of the PEPE community. Etherscan provided the details about the PEPE withdrawal on its official website.
A PEPE Investor Sees a Price Jump from $12,108 to $104,997 on PEPE Holdings
Another notable thing is that the respective episode took place before an increase in the value of the PEPE coin. An X user “Crypto Rover” highlighted the difference in the value of the token within one month. He asserted that his PEPE tokens had a worth of nearly $12,108 just 4 weeks ago. Nonetheless, the current value has touched the spot of $104,997. In this way, he earned 8x profit within a month. Other popular meme coins like Shib, Doge, and Bonk also provided good returns during the same period. Moreover, the trader says he will hold his PEPE collection for more gains in the future.
1 month ago my PEPE was worth $12,108.
4 weeks later it is worth $104,997.
I will hold this till it hits $2m-$3m.
Am I a genius or stupid? pic.twitter.com/IIclXfwkfH— Crypto Rover (@rovercrc) March 10, 2024
