217 Billion PEPE Stuns Kraken, What’s Going On?

In a significant move, 217 billion PEPE tokens, worth nearly $4.54 million, have been recently transferred to the Kraken crypto exchange. The transaction, flagged by the on-chain analytics platform Spot On Chain, suggests a whale is once again cashing in on PEPE.

According to Spot On Chain, a smart whale deposited 217 billion PEPE worth $4.54 million to Kraken hours ago, potentially securing a $767,000 profit or 20% in just 17 days.

Despite recent selling, the whale remains heavily invested in PEPE, holding 1.21 trillion PEPE tokens across two wallets at a current worth of $25.1 million. In addition, the whale still has $4.05 million in unrealized gains on its remaining holdings.

This is not the first time this whale has benefited from trading PEPE. Notably, earlier in 2024, the whale made an estimated $11.39 million, or 57.1%, profit from its first PEPE trade, carving out a reputation for timing the market well. This ability to secure returns from short-term trades demonstrates both savvy market timing and a keen understanding of meme coin cycles.

In the last 24 hours, on-chain analytics platform Santiment lists PEPE as among the coins seeing movement to exchanges: “Additionally, keep an eye on big movement from WBTC, ENA, COMP, WLD, SPX, FTM, and PEPE,” Santiment wrote in a recent tweet.

At the time of writing, PEPE was down 1.74% in the last 24 hours to $0.00002036 and down 3.76% weekly. PEPE started declining after a two-day run at the start of the year, which culminated at highs of $0.00002188 on Jan. 4.

PEPE scores new Binance listing

In a significant milestone for PEPE, major crypto exchange Binance has announced the addition of additional JPY pairings, including PEPE/JPY. This move is expected to improve PEPE’s exposure to the Japanese market, boosting trade volumes and overall market presence.

According to a recent announcement by Binance, the move intends to broaden the variety of trading options on Binance Spot and enhance customers’ trading experiences. The new JPY trading pairs will be launched in two batches. The first batch, which includes PEPE/JPY, will be launched Jan. 9 at 8 a.m. UTC.