PEPE Whale Loses Over Half A Million As Token Drops By 30% Following Massive 4,366% Rise

Pepe Coin PEPE/USD, a meme cryptocurrency, skyrocketed by a staggering 4,366% in just over 30 days according to Coinmarketcap. This prompted several early investors to reap impressive returns on their investments.

What Happened: However, a crypto trader who recently bought a whopping 962.3 billion PEPE coins is estimated to have lost around $541,000, according to data from on-chain analytics platform Lookonchain, after the coin dropped by 30%.

The transaction, which took place over the past two days, saw the buyer use 70 WBTC ($2.07 million) and 470 Ethereum ETH/USD ($937,000) to make the purchase. 

The average buying price for the coins was $0.000003122.

See More: Is Bitcoin a Good Investment?

Why It Matters: PEPE surged on Saturday after Binance announced that it will be listed on the crypto exchange.

Binance said that they will list PEPE and Floki FLOKI/USD in their “innovation zone,” enabling users to deposit their coins to the platform, with spot trading commencing on May 6.

Last month, a crypto trader turned a 1 ETH investment in PEPE and turned it into 70 ETH.

Price Action: At the time of writing, PEPE  was trading at 0.000002535, down 1.16% in the last 24 hours,  according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Tumble After Binance’s Temporary Withdrawal Pause: Analyst Says $30K, $40K, Even $50K In Sight For Apex Crypto This Year