A cryptocurrency whale has moved a considerable portion of their holdings in the meme-inspired cryptocurrency PEPE to leading cryptocurrency exchange Binance, presumably to sell the tokens at a significant loss of around $1.57 million.

According to data shared by on-chain analysis firm SpotOnChain, the cryptocurrency whale identified only by the initials of their wallet, 0x837, moved 1.1 trillion PEPE tokens worth around $14.2 million to Binance, while maintaining 300 billion PEPE worth $3.7 million on their wallet.

The trader has suffered an estimated total loss of $1.7 million on their investment in the meme-inspired cryptocurrency and a total of over $2 million in losses on their entire cryptocurrency portfolio, with most of the remainder having been lost on their position in Ethereum ($ETH).

SpotOnChain’s data reveals that the trader purchased a total of 2.253 trillion PEPE tokens at an average price of $0.00001325 each, with their recent selling activity indicating a potential capitulation – selling an asset at a loss to avoid further declines.

The capitulation came after the price of the meme-inspired cryptocurrency plunged by around 26% over the past month amid a wider cryptocurrency market downturn that saw the price of the flagship cryptocurrency Bitcoin ($BTC) drop to a $58,000 low before recovering to now trade around $61,000.

It also comes at a time in which two large whales deposited roughly $26 million worth of two leading meme-inspired cryptocurrencies – Shiba Inu ($SHIB) and PEPE – on leading cryptocurrency exchanges.

PEPE was a hot meme coin inspired by the infamous meme and cartoon character Pepe the Frog, and was introduced to the market on April 17, 2023. Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. 

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