A newly created wallet reportedly withdrew 500 billion PEPE, equivalent to $4.3 million, from cryptocurrency exchange Binance
A newly created wallet reportedly withdrew 500 billion PEPE from Binance, according to on-chain tracking platform Spot On Chain.
This follows an earlier withdrawal by an early buyer, who once booked a profit of over $7 million on their PEPE investments. The trader pulled out 506.2 billion PEPE, which amounted to $4.4 million, from Binance.
The withdrawal boosted their portfolio to 699.8 billion PEPE, valued at $5.11 million, reflecting an unrealized profit of $164,000, or 2.8%.
The balance held by long-term investors of PEPE increased by 0.07% in the last 24 hours, suggesting that existing holders were accumulating, according to blockchain analytics firm IntoTheBlock.
This accumulation comes as the meme coin bucked the sluggish movement of market heavyweights Bitcoin and Ethereum following President Donald Trump's tariff moves and saw a 5% surge.
The coin's trading volume soared over 100% to $1.02 billion in the last 24 hours, making it the second-most traded meme coin.
On the derivatives front, PEPE's Open Interest spiked 11% to $319 million, its highest since Feb. 3. The Long/Short Ratio suggested that more traders were placing bullish bets on the coin.
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