Binance, a well-known centralized crypto exchange, has recently witnessed a significant development in terms of outflows. PEPE, a famous meme coin, has reportedly experienced an enormous outflow of up to 1.19 trillion tokens (equivalent to nearly $1.88 million). The latest reports have brought to the forefront that a trader is behind the respective outflow.
Some market onlookers have attempted to highlight the aspects related to this event. In this regard, Lookonchain, a popular on-chain statistics provider, took to its official channel on the social media platform X. In its recent post, it noted that this event started a couple of weeks ago. Overall, the trader effectively made significant profits with the PEPE tokens.
Lookonchain has claimed in its X post that the trader generated up to $8.13 million with PEPE. The respective figure points out that the trader remained successful in making almost a 431% profit with the tokens. While moving on, the blockchain analytics platform disclosed that the trader deposited a minimum of approximately 196.18 billion PEPE tokens.
The value of the coins that Binance received is nearly $1.7 million. Following the substantial earnings, the trader made another move. As per Lookonchain, the trader withdrew more than one trillion tokens from the crypto exchange. This development is potentially shocking for the members of the PEPE community. Etherscan provided the details about the PEPE withdrawal on its official website.
Another notable thing is that the respective episode took place before an increase in the value of the PEPE coin. An X user named “Crypto Rover” highlighted the difference in the token’s value within one month. He asserted that his PEPE tokens had a worth of nearly $12,108 just four weeks ago. However, the current value has reached $104,997. In this way, he earned an 8x profit within a month. Other popular meme coins like Shib, Doge, and Bonk also provided good returns during the same period. Moreover, the trader says he will hold his PEPE collection for more gains in the future.