PEPE Price Drops After Hacker Sells 7.77 Trillion Tokens on Binance

On October 30, the price of PEPE dropped to $0.0000049 after a Binance attacker sold 7.77 trillion tokens for nearly $31.66 million, adding pressure to an already volatile market. During the session, the token reached as low as $0.0000044. According to Lookonchain, the average selling price was around $0.0000041, and the attacker received ETH as a result of the transactions. At the time of publication, PEPE was trading around $0.00000491, down 1.29% over 24 hours.

The sale followed the Binance hack on October 29, where attackers gained access to the exchange's wallets; Binance estimated the damage at approximately $6.3 billion. Along with PEPE, UNI, ENA, LINK, AAVE, ONDO, and WLD were sold: seven sales yielded about 70,480 ETH worth $158.25 million. Analyst Darkfost separately reported nearly $38.55 million in PEPE – this is an estimate of another phase, and it should not be combined with the completed sale. Earlier data indicated that the attacker used EIP-7702 to gain control over Binance's hot wallet.

While the attacker was selling, trader dimethyltryptamine.eth bought another 45.08 billion PEPE for nearly 206500 – about 0.58% of the sold volume. Previously, he spent 0.125 ETH ($251) on 5.9 trillion PEPE, which later reached a peak valuation of $100 million. Another major holder was accumulating the token before the incident: according to Arkham data from October 27, wallets associated with Justin Sun controlled 2.82% of the PEPE supply.

Futures volume for PEPE, according to CoinGlass, rose by 59.84% to nearly $1.52 billion, while open interest fell by 10.09% to $369.85 million – traders were reducing outstanding leveraged positions. Around 03:00, liquidations amounted to approximately $1.53 million, almost evenly split between longs and shorts. RSI stood at 60.55 against an average of 55.86. Resistance is around $0.0000050, then $0.0000055–$0.0000057; losing $0.0000045 will bring the level around $0.00000435 into focus. Available data does not show what portion of the daily movement was specifically due to the attacker's trades.