Wallet 0x1a2 brought an impressive 1.238 trillion PEPE to the Binance crypto exchange.
The transaction involved the intermediary address 0xDe8, indicating a carefully planned step that was carried out over several days.
How a crypto whale traded PEPE
The crypto whale began accumulating PEPE on May 4th. First, he withdrew 915.85 billion tokens from Binance, purchased at a rate of $0.00000846. Over the next 24 hours, he purchased another 1.238 trillion PEPE, bringing the total investment to $10.4 million.
If the whale decides to sell the tokens at the current price of $0.00000841, he will make a profit of 1.28%, or about $134 thousand. Spot On Chain noted that this address previously earned $146 thousand on Injective (INJ) and lost $118 thousand on Render (RNDR). Analysts also drew attention to the fact that it never holds tokens for long.
Despite the significant sell-off, the PEPE market trend remains bullish. Memcoin is currently moving within a descending parallel channel: if the asset successfully breaks out of this formation, its price could rise by 40%, reaching $0.00001186.
However, a failed breakout attempt will result in a fall to the $0.00000808 level. This support may prevent a more significant correction.
Source: Cryptocurrency
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