large transaction involving the meme-based cryptocurrency $PEPE sent its price tumbling on Tuesday after a massive cryptocurrency whale deposited their holdings of the meme-inspired cryptocurrency onto leading cryptocurrency exchange Binance.

According to data from on-chain analysis service Spot On Chain, a multisig wallet deposited a massive 1.238 trillion PEPE tokens, valued at roughly $10.6 million, onto the Binance exchange just ahead of a price drop of around 5.2%, suggesting the whale dumped their tokens on the market.

The identity of the wallet owner remains unknown, but the substantial amount of PEPE transferred suggests the involvement of a major investor, often referred to in the cryptocurrency world as a “whale.” Further analysis by Spot On Chain indicates that this whale only held the $PEPE tokens for three days and if the tokens were indeed sold on Binance, they registered a gain of just 1.28%, or $134,000 given the size of the transaction.

This isn’t the first time cryptocurrency whales fail to make significant gains with PEPE. Last year, shortly after PEPE saw its price skyrocket in a couple of weeks several whales bet on it, before its price plunged.

The drop saw one specific whale lose a whopping $500,000 on the trade shortly after PEPE made its debut on the leading cryptocurrency exchange Binance. When the exchange first listed PEPE, it cautioned potential investors that PEPE lacks any inherent utility or value support mechanism. PEPE has been accused of potential insider trading, as 7% of the total token supply was reportedly purchased by insiders or team members minutes after the token generation event.

Earlier, a  fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.

Featured Image via Pixabay