Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

In a move that has caught the attention of the crypto community, a smart trader recently deposited a staggering 121.75 billion PEPE tokens, valued at approximately $3.22 million, to the world's largest crypto exchange, Binance.

According to SpotonChain, this transaction, which occurred hours ago, has reportedly netted the trader a remarkable $2.13 million profit, marking a 197% increase in just 2.5 months.

This is not the first time this trader is making gains with its PEPE trades. According to SpotOnChain, "This appears to be their second PEPE win." Back in May, they executed another impressive trade, netting an estimated $1.23 million profit, a 75.5% increase, using a different wallet.

PEPE's price has risen in recent months, attracting traders and investors eager to capitalize on its potential. Lookonchain reveals that two wallets, most likely belonging to the same whale, spent 4.89 million USDC to buy 190.14 billion PEPE at an average price of $0.00002572.

Crypto market faces sell-off

The broader crypto market is currently facing a sell-off, with BTC trading slightly below $99,000 and down 0.39% in the last 24 hours.

Bitcoin's lackluster price action coincided with a larger cryptocurrency market sell-off as some traders looked for indications ahead of the Fed's policy meeting this week to establish positioning. XRP, Dogecoin, Cardano and Tron lead the majors in losses, falling 6% each. Polygon, Vechain, Gala and Worldcoin all showed losses ranging from 7% to 11%.

Interestingly, PEPE remained in the green, rising 2.72% in the last 24 hours to $0.00002516 and 24% weekly.

In the past week, Fed Chair Jerome Powell reiterated that the central bank might proceed cautiously with rate cuts, given the strong economy. In remarks Friday, Cleveland Fed President Beth Hammack noted the strong growth but said she needed further proof that inflation is convincingly approaching the Fed's 2% target. Hammack urged the Fed to slow its pace of rate cuts.

Traders are estimating the probability of a rate decrease at the Fed's policy meeting on Dec. 17-18 at 85%, up from an earlier rate decrease of less than 70%.