Top Exchange Moves 3 Trillion PEPE to Unknown Wallet
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The PEPE coin frenzy persists as 3 trillion units were transferred from Kucoin to an unknown wallet.
The frenzy surrounding the PEPE coin, a recently launched meme token, remains persistent without any indication of slowing down. In a surprising move, an incredible amount of PEPE coin was transferred from Kucoin, the fourth largest crypto exchange, to an unknown wallet.
According to a post from Whale Alert, an AI Twitter account that tracks large crypto transactions, a staggering three trillion units of PEPE coin valued at over $5.8 million has been moved from the Kucoin exchange to a yet-to-be-identified address.
🚨 3,000,000,000,000 #PEPE (5,831,189 USD) transferred from #Kucoin to unknown wallethttps://t.co/iEIkd62BH4
— Whale Alert (@whale_alert) May 9, 2023
While the massive coin movement stirred the crypto community, with over 72k engagement on the announcement, the market tracker suggested that the transaction was an internal transfer of the exchange occurring on the Ethereum (ETH) network.
This implies that the 3 trillion PEPE coins were moved from one Kucoin wallet to another address under the control of the exchange. Notably, Kucoin listed the PEPE/USDT trading pair on its platform on May 5, opening withdrawals a day after. A crypto enthusiast expressed that the massive internal transfer was part of the listing process.
The listing https://t.co/9RpNODTjhb
— Crypto Phil (@phillip38144583) May 9, 2023
Similarly, a well-known crypto market tracker recently reported that some big players in the crypto industry have continued to accumulate PEPE despite its price falling by over 16% in the last 24 hours.
Specifically, three crypto whales cumulatively spent nearly $4 million to acquire over two trillion units of the PEPE meme coin. Interestingly, despite the crash prices, two of the three whales had sold their Ethereum tokens worth $1.2 million to buy PEPE.
Optimism about PEPE Coin
In a tweet yesterday, Tony JRNY, the founder of JRNY Club, predicted that the upcoming price pump of PEPE will follow the pattern which the second-largest meme coin, Shiba Inu, took to deliver an extraordinary return on investment to holders.
Interestingly, according to data from CoinMarketCap, Shiba Inu investors have earned over 50,000% ROI to date.