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The frog-themed cryptocurrency Pepe (PEPE) has seen a massive token flip, crypto data tracker Whale Alert reported.
Whale alert reports that 6.2 billion PEPE tokens, or 6,242,222,073,238 tokens worth $7,072,053, have been transferred from Binance, the leading cryptocurrency exchange, to an unknown wallet.
When assets are deposited into an exchange, it usually implies an intention to sell, but withdrawals may indicate a desire to acquire. Tokens are removed from exchanges for various reasons. One of the reasons could be shopping.
The week saw a massive swap of Pepe tokens, in one case to a burned address. A total of 6.9 trillion PEPE worth approximately $6 million were burned earlier in the week. The burn addressed concerns about potential open market token sales following an incident in August in which some rogue developers transferred 16 billion tokens to an exchange, sparking speculation.
However, a new team of advisors has been recruited to take Pepe forward, which could be the beginning of a new dawn for the meme currency. The remaining 3.79T tokens attached to the initial team’s CEX multi-signature wallet are currently being explored for strategic collaborations and marketing opportunities.
PEPE is also committed to keeping its community updated on any future burning, movement or use of tokens.
PEPE experienced a bull run this week, doubling in days to reach a market value of $500 million, as traders await the start of a Bitcoin (BTC) spot ETF-induced bull market.
On Wednesday, a post on Pepe’s X page showed that the token was held by more than 155,000 individual wallets, including all token bridges to Arbitrum and BSC.
At the time of this publication, the popular meme coin was trading at $0.000001196, down 0.25% in the previous 24 hours.
