121 Billion PEPE Stun Binance, What's Happening?
Release: 2024/12/09 22:39 Reading: 467
Smart Trader Profits with PEPE Trade on Binance
A savvy trader has deposited a significant 121.75 billion PEPE tokens (approximately $3.22 million) into Binance, the leading cryptocurrency exchange. This move has garnered significant attention within the crypto community.
Sizeable Profits
SpotonChain reveals that the transaction has netted the trader an impressive $2.13 million profit, a remarkable 197% increase achieved in just 2.5 months.
Trader's History of Success
This is not an isolated incident for this particular trader. SpotOnChain suggests it is their second successful PEPE trade. Back in May, they executed a similar transaction, yielding an estimated $1.23 million profit (75.5%) using a different wallet.
PEPE's Market Performance
PEPE's value has surged in recent times, attracting traders and investors. Lookonchain details that two wallets, likely linked to the same "whale," invested 4.89 million USDC to acquire 190.14 billion PEPE at an average price of $0.00002572.
Broader Market Dynamics
While PEPE has experienced gains, the broader crypto market is currently facing a sell-off. Bitcoin (BTC) trades slightly below $99,000, indicating a 0.39% dip in the last 24 hours.
Other major coins, including XRP, Dogecoin, Cardano, and Tron, have experienced losses of approximately 6% each. Polygon, Vechain, Gala, and Worldcoin have reported losses ranging from 7% to 11%.
Despite these market conditions, PEPE remains resilient, exhibiting a 2.72% increase in the last 24 hours, with a weekly gain of 24%.
Fed's Policy Meeting
In recent statements, Fed Chair Jerome Powell and Cleveland Fed President Beth Hammack have emphasized caution regarding rate cuts despite the strong economy. Traders currently estimate a 85% probability of a rate decrease at the upcoming Fed policy meeting on December 17-18.
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