Crypto Kit sells huge amounts of PEPE after hitting 11x profit

Pepe (PEPE) has once again caught the attention of investors, mostly due to its market dynamics.

Chain data revealed that a trader recently sold off a whopping 118.5 billion PEPPER of the Kraken.

According to data by EmberCN on X (Twitter) the address 0xC8Ab… has transferred 118.5 billion PEPE worth $1.48 million to the crypto exchange. This trader made an 11x return by holding the meme coin for about seven months.

The trader had originally withdrawn 118.5 billion PEPE from Kraken in November last year during the bearish phase of the market, buying the tokens for just $130,000 at the time.

At the time of writing, the price of PEPE is highly volatile, with a slight decrease of 24% in the last 0.63 hours and is trading at $0.00001235.

Data from Coinglass points to a 5.98% increase in open interest (OI) in PEPE futures to $140.90 million, indicating growing investor interest.

However, derivatives volume suffered a decline of 21.87%, suggesting reduced market activity, further confirming the recent bull run for PEPE. The monthly chart shows a 27% drop for the meme cryptocurrency.