Whale offloaded a colossal stash of 1.5 trillion $PEPE tokens, with an estimated value of approximately $1.2 million, on the popular cryptocurrency exchange Binance.
However, this move ultimately resulted in a substantial net loss of $242,000 for the investor.
According to data provided by cryptocurrency analytics firm Lookonchain, this massive token sale unfolded across three separate transactions.
The whale initially acquired the tokens on August 24, transferring 1.5 trillion $PEPE tokens—valued at $1.45 million at the time—from OKX to their wallet.
This intriguing development comes hot on the heels of another significant event within the $PEPE community. In this prior incident, the PEPE team found themselves in a position where they needed to divest a staggering 16 trillion $PEPE tokens.
This unexpected move sent shockwaves through the cryptocurrency’s community, as the tokens were allegedly pilfered and subsequently dispersed across various cryptocurrency exchanges for sale.
The official PEPE token account brought this to public attention on August 26 through a social media announcement.
The disclosure detailed a series of unauthorized transactions stemming from the $PEPE multisig CEX Wallet, which facilitated the transfer of the 16 trillion tokens to various exchanges.
This announcement shed light on the internal strife that has plagued $PEPE since its inception on April 17, 2023.
According to the statement, a faction within the project, motivated by “big egos and greed,” had actively obstructed the cryptocurrency’s progress.
These individuals were responsible for the unauthorized transactions and subsequently chose to remove themselves from the multi-sig wallet, vanishing from social media platforms in the process.
The individual responsible for the official X account issued an apology to the community for the turmoil and financial losses incurred as a result of these actions.
They sought to reassure the community by confirming that the remaining 10 trillion tokens in the multi-sig wallet were secure and under responsible control.