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New PEPE Coin Whale Emerges With Suspected 357B Purchase

The trader used a fresh wallet to withdraw more than 357.34 billion PEPE worth $2.9 million from Binance, becoming one of the cryptocurrency’s whales.

A Rich frog

An anonymous crypto trader has become a Pepe (PEPE) whale after withdrawing billions of the popular frog-themed memecoin from the world’s largest crypto exchange Binance. 

Trader Becomes PEPE Whale

According to a tweet by blockchain analytics platform Lookonchain, the trader used a fresh wallet to withdraw more than 357.34 billion PEPE worth approximately $2.9 million from Binance earlier on Thursday, becoming one of the cryptocurrency’s whales. The trader now holds a large portion of PEPE, which has a circulating supply of 420 trillion.

The move comes as the memecoin market experiences a resurgence, with PEPE and other assets like Floki (FLOKI) and Book of Meme (BOME) leading the way. Data from CoinMarketCap shows PEPE is up 8.5% in the past seven days, changing hands at $0.0000080 at the time of writing, while FLOKI and BOME are surging by 4% and 7.5%, respectively.

Yesterday, the $90 billion American asset management firm VanEck launched a memecoin index to give investors access to the top six memecoins by market capitalization. The index, dubbed the MarketVector Memecoin Index, will track the performance of Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, Dogwifhat (WIF), FLOKI, and Bonk (BONK) while trading under the ticker symbol MEMECOIN.

Memecoins See More Adoption

VanEck’s new index signals the adoption of the memecoin sector, which exists solely for entertainment across the crypto space. Besides VanEck, European crypto-friendly fintech Revolut added BONK to its list of cryptocurrencies last month, availing the digital asset to millions of users across 150 countries. 

While memecoins are mainly for entertainment, several traders have made substantial sums by acquiring them. In April, Cointab reported about two traders who profited millions from flipping and investing in memecoins.

The first trader was an early investor in Gummy (GUMMY), a Solana-based memecoin. The investor spent $9,770 worth of Solana (SOL) to buy 97.35 million GUMMY immediately after the token was deployed. Within 24 hours, the stash became worth more than $13.6 million after the memecoin’s value increased.

Another trader, with the username paulo.sol, made a fortune by flipping WIF, BONK, and Joe Biden (BODEN). He bought the three tokens at low prices and sold high, netting roughly $23 million in profits.

Cynthia Ezirim

Cynthia Ezirim is a news reporter at Cointab who is passionate about Bitcoin, non-fungible tokens, and decentralized technology. She joined the crypto space in late 2022.