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Crypto whale snaps up 357.3 billion PEPE on Binance amid meme coin frenzy

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on May 9, 2024
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  • This transaction was highlighted by the major analytics account on X, @lookonchain.
  • PEPE experienced a price surge of nearly 7%, reaching $0.00000821.
  • Despite the launch of the MEMECOIN index, the overall impact on meme coin prices has been mixed.

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In a major development in the cryptocurrency world, a crypto whale has reportedly purchased a massive 357.34 billion PEPE tokens, valued at approximately $2.9 million, from the Binance exchange.

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This transaction was highlighted by the major analytics account on X, @lookonchain, which noted the subsequent withdrawal of these tokens to a private wallet, signaling the birth of a new PEPE whale.

PEPE sees price fluctuation amidst heavy trading

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Following the purchase, PEPE experienced a price surge of nearly 7%, reaching $0.00000821, before undergoing a slight correction to $0.00000804, a drop of 4.16%.

This price movement coincides with substantial volumes of PEPE being transferred between anonymous wallets and exchanges, including a significant transfer of 121,152,428,401 PEPE to a blockchain wallet hosted by Kraken.

VanEck launches MarketVector’s Meme Coin Index

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In related news, VanEck, a major wealth funds manager and one of the issuers of spot Bitcoin ETFs, has expanded its offerings to include a new index that tracks the six largest meme coins.

Named the MarketVector’s Meme Coin Index and trading under the symbol MEMECOIN, this index comprises popular meme-inspired cryptocurrencies including DOGE, SHIB, PEPE, WIF, FLOKI, and BONK.

Mixed impact on the meme coin market

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Despite the launch of the MEMECOIN index, the overall impact on meme coin prices has been mixed.

Dogecoin, one of the included currencies, saw its value decrease by 3.64% over the last 24 hours, while Shiba Inu’s price has remained relatively stable.

The introduction of the index reflects the growing interest in meme coins from traditional financial institutions and could potentially lead to broader acceptance and increased market stability for these digital assets.

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