357.3 Billion PEPE Purchased on Binance After Major Meme Coin Development

Cover image via U.Today

Major analytics account on X @lookonchain spreads the word about a new PEPE whale being born after he withdrew a hefty amount of meme coins from Binance.

It happened after the popular meme cryptocurrency, PEPE, demonstrated a rise of almost 7% earlier today. Besides, a major new development on the meme coin market has made ripples within the crypto community.

New whale grabs 357 billion PEPE as price rises

Lookonchain reported that a fresh crypto whale withdrew 357.34 billion PEPE after a likely purchase on Binance. This amount of the meme coins comprises the equivalent of $2.9 million in fiat.

A fresh wallet withdrew 357.34B $PEPE($2.9M) from #Binance just now.https://t.co/OigP43fMKs pic.twitter.com/fKag3wmlxw— Lookonchain (@lookonchain) May 9, 2024

Aside from that, earlier today, 36,432,242,150 PEPE were also exchanged between anonymous wallets, and a whopping 121,152,428,401 PEPE were transferred from an unknown address to a blockchain wallet hosted by the Kraken exchange.

Today, the popular meme-inspired cryptocurrency, PEPE, soared by roughly 7%, hitting the $0.00000821 level. A small decline then followed, taking the PEPE price down 4.16%. At the time of this writing, the coin is changing hands at $0.00000804.

VanEck starts tracking meme cryptocurrencies

Major wealth funds manager VanEck, one of the spot Bitcoin ETF issuers, has extended its interest in the meme coin part of the cryptocurrency space. On Wednesday, it was widely reported that VanEck launched a new index to track the six largest and the most popular meme coins.

The new index is called MarketVector’s Meme Coin Index, and it trades under the symbol MEMECOIN. This index includes the following meme cryptocurrencies – DOGE, SHIB, PEPE, WIF, FLOKI and BONK.

❖ VANECK'S MARKETVECTOR STARTS INDEX TO TRACK THE LARGEST MEME COINSMarketVector’s Meme Coin Index, which trades under the symbol MEMECOIN, tracks the top six meme tokens. The largest holdings of the meme coin index include Dogecoin $DOGE, Shiba Inu $SHIB, and Pepe $PEPE.… pic.twitter.com/YM9I6yQC9q— *Walter Bloomberg (@DeItaone) May 9, 2024

This major development for meme coins has not had any significant impact on their prices so far. Dogecoin has dropped by 3.64% within the last 24 hours. As for Shiba Inu, it continues to trade sideways in the $0.00002253 price range.