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A large deposit of 500 billion PEPE tokens to crypto exchange Coinbase in recent hours has caught the attention of the cryptocurrency community. This move coincides with the recent profit-taking on the crypto markets, with a handful of crypto assets trading in the red.
According to on-chain analytics platform Spot On Chain, a PEPE whale has resurfaced after months of dormancy to make this significant move.
The said whale, identified as wallet “0xc25,” resurfaced after six months of silence and deposited 500 billion PEPE worth $5.73 million to Coinbase. Withdrawals from exchanges signal buying, while deposits imply selling.
The PEPE whale, in 2023, had put just $3,010 into PEPE, acquiring 4.914 trillion PEPE on April 15, 2023. Now this small bet has turned into a staggering $51.25 million, marking an astonishing 17,026x return.
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Over time, the whale strategically cashed out 3.66 trillion PEPE tokens, gaining $35.52 million in the process. Despite the massive sale, the whale still holds 1.25 trillion PEPE tokens, valued at approximately $15.73 million.
A similar move was reported by Spot On Chain on Jan. 27, in which a whale deposited 430 billion PEPE worth $6.39 million to Binance, likely locking in a $5.82 million profit. This marked the end of the whale’s first PEPE trade, with an estimated total profit of $11.1 million (11x return) after 1.22 years.
PEPE price action
At the time of writing, PEPE was down 3.64% in the last 24 hours to $0.00001231, mirroring the declines in the broader crypto markets as investors await the Federal Reserve’s first interest rate decision of 2025.
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The rate decision announcement will be followed by Fed Chair Jerome Powell’s press conference at 2:30 p.m. ET, which markets will closely watch for signals about future monetary policy decisions this year.
Expectations for an interest rate decrease remain low, with traders pricing in a nearly 100% possibility of the Fed keeping rates constant.
PEPE is down 22% weekly after three straight days of falls since the beginning of the week, with lows of $0.00001132 on Jan. 28. PEPE has steadily decreased since reaching an all-time high of $0.000028 on Dec. 9. A rebound above the daily moving averages of 50 and 200 could be the first indication of strength for PEPE bulls.
Source: https://u.today/500-billion-pepe-stun-coinbase-whats-going-on