Whale Sells PEPE Tokens Worth $1.2 Million, Faces $242,000 Loss

A crypto whale recently executed a massive sell-off, parting with a staggering 1.5 trillion tokens of the meme-inspired cryptocurrency PEPE.

This monumental sale, valued at around $1.2 million, took place on the renowned cryptocurrency exchange Binance.

However, the outcome wasn’t as profitable as one might expect, as it resulted in a substantial net loss of $242,000.

Data sourced from cryptocurrency analytics firm Lookonchain reveals that the whale initiated this move across three separate transactions.

Interestingly, the whale acquired these tokens on August 24, depositing them into their wallet after a withdrawal of 1.5 trillion PEPE tokens, valued at $1.45 million at the time, from the OKX exchange.

This intriguing development comes hot on the heels of another major event that sent shockwaves through the PEPE community. The PEPE team, facing a crisis of sorts, decided to divest an astonishing 16 trillion $PEPE tokens.

These tokens were allegedly stolen and subsequently found their way to various cryptocurrency exchanges for sale.

The official PEPE token account made an official announcement on August 26, taking to social media to reveal the unauthorized transactions. These transactions involved moving the 16 trillion tokens from the PEPE multisig CEX Wallet to several exchanges.

The announcement shed light on the internal strife that has marred the $PEPE project since its inception on April 17, 2023.

According to the statement, a faction within the team, driven by “big egos and greed,” had been obstructing the project’s progress.

These individuals were responsible for the unauthorized transactions and, in an unexpected twist, chose to remove themselves from the multisig wallet, erasing their social media presence in the process.