Benzinga - Pepe Coin (CRYPTO: PEPE), 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 (CRYPTO: ETH) ($937,000) to make the purchase.
The average buying price for the coins was $0.000003122.
A whale bought 962.3B $PEPE($2.46M currently) with 70 $WBTC ($2.07M) and 470 $ETH ($937K) in the past 2 days, with an average buying price of $0.000003122.He has lost ~$541K at the current price!https://t.co/GDBdXcVyGt pic.twitter.com/7s1Ns90OOc
— Lookonchain (@lookonchain) May 7, 2023
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 (CRYPTO: FLOKI) 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
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