Experiencing a notable increase of over 25% in a single day, the price of $PEPE surged following a major announcement from Binance, a renowned cryptocurrency exchange.
In a strategic move, Binance introduced an enticing promotion for users participating in Binance Loans (Flexible Rates) and utilizing PEPE as collateral. This promotion allows users to acquire 10 million PEPE in locked products while leveraging PEPE as collateral on Binance Loans’ flexible rates.
Start using $PEPE as collateral with #Binance Loans.
For a limited time, get 10M $PEPE when borrowing any token against it.
More here 👉 https://t.co/saPqsEIub1 pic.twitter.com/wpYVqsXV1s
— Binance (@binance) December 4, 2023
The market responded robustly to this Binance borrow and earn feature, propelling $PEPE to achieve a substantial price gain. The token’s market capitalization has now reclaimed the $650 million mark, rebounding after a previous dip.
Before the announcement triggering the surge, insights from analyst Spotonchain revealed that a savvy trader with the handle 0x37d accumulated a substantial amount of $PEPE—totaling 495.5 billion ($605,000) from Binance at a rate of $0.051221. The trader currently holds 1.97 trillion $PEPE ($2.82 million) with an estimated unrealized profit of $240,000.
🔥 $PEPE price surged by ~20% today!
From #SpotOnChain $PEPE token page, we noticed that:
A. Before the pump, smart trader 0x37d accumulated 495.5B $PEPE ($605K) from #Binance at $0.0â‚…1221
– The whale currently holds 1.97T $PEPE ($2.82M) with an estimated unrealized profit of… pic.twitter.com/qCamNELNfF
— Spot On Chain (@spotonchain) December 4, 2023
The meme coin is witnessing continued buying pressure, further contributing to its recent surge.
As Binance plays a pivotal role in shaping the market dynamics of various cryptocurrencies, $PEPE stands out with its remarkable performance. This reflects the impact of strategic promotions and market sentiments on token value. The sustained interest and positive market response indicate a renewed bullish momentum for $PEPE in the evolving cryptocurrency landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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