The Binance hacker dumped approximately 7.77 trillion PEPE, cashing out over $31 million and sharply reducing the unrealized gains associated with Justin Sun.
The Binance hot wallet hack continues to weigh on PEPE. On-chain monitoring shows that the attacker has sold all approximately 7.77 trillion PEPE transferred from Binance’s hot wallet, receiving about 14,049 ETH. Based on estimated execution prices, the sale netted approximately $31.9 million, at an average selling price of about $0.0000041 per token.
The sell-off briefly drove PEPE’s price down by approximately 12.33%. Despite concentrated selling pressure of over $30 million, on-chain activity showed persistent buying interest: after some large sell orders were filled, purchases of a similar size appeared shortly afterward. The buyers’ identities have not been confirmed, so it is not yet possible to determine whether they were market makers, institutional bots, or the platform itself accumulating tokens.
The sell-off also affected addresses associated with Justin Sun: since October 17, they have transferred out a cumulative total of approximately 11.8 trillion PEPE, at an average withdrawal price of about $0.000004114. Unrealized gains have shrunk to approximately $4.45 million, down from a peak of about $18.55 million last night.
As the hacker sells in bulk, a whale’s unrealized gains are rapidly shrinking. PEPE’s on-chain liquidity is undergoing a real stress test.
$PEPE
The Binance hot wallet hack continues to weigh on PEPE. On-chain monitoring shows that the attacker has sold all approximately 7.77 trillion PEPE transferred from Binance’s hot wallet, receiving about 14,049 ETH. Based on estimated execution prices, the sale netted approximately $31.9 million, at an average selling price of about $0.0000041 per token.
The sell-off briefly drove PEPE’s price down by approximately 12.33%. Despite concentrated selling pressure of over $30 million, on-chain activity showed persistent buying interest: after some large sell orders were filled, purchases of a similar size appeared shortly afterward. The buyers’ identities have not been confirmed, so it is not yet possible to determine whether they were market makers, institutional bots, or the platform itself accumulating tokens.
The sell-off also affected addresses associated with Justin Sun: since October 17, they have transferred out a cumulative total of approximately 11.8 trillion PEPE, at an average withdrawal price of about $0.000004114. Unrealized gains have shrunk to approximately $4.45 million, down from a peak of about $18.55 million last night.
As the hacker sells in bulk, a whale’s unrealized gains are rapidly shrinking. PEPE’s on-chain liquidity is undergoing a real stress test.
$PEPE
