A cryptocurrency whale that previously made over $600,000 in profits by trading Pepe (PEPE) tokens on Binance, lost nearly $1 million on its second trade on the same platform.
According to SpotOnChain data, the whale, identified by the address 0xa54, deposited the last 3 trillion PEPE tokens in Binance, amounting to $3.5 million, at an average price of $0.000001194 per token on August 2 and 5.
The deposit came after the whale deposited the tokens on July 23 and 24 at an average price of $0.000001409 per token.
However, the price of PEPE has plummeted since then, hitting as low as $0.000001142 as of August 5. This means that if the whale had sold all of its tokens at the current market price, it would have lost $988,000.
This is in stark contrast to the whale's first trade on Binance between June 27 and July 14. During this period, Whale bought and sold 3.9 trillion PEPE tokens on Binance, making a profit of $673,000, or 10.6% of its initial investment.
In total, the whale's estimated loss from two PEPE trading cycles looks like $314,800.
*Not investment advice.