PEPE Whales Move $21 Million Worth Of Coins – Here Are The Destinations
May 07 2024 - 12:00PM
NEWSBTC
On-chain data shows PEPE whales have moved large amounts of the
memecoin during the past day. Here’s where these tokens have been
heading. PEPE Whales Have Been Active On The Network Today
According to data from the cryptocurrency transaction tracker
service Whale Alert, two large PEPE transactions have occurred in
the space of a few hours during the past day. Both of these moves
are of a scale that’s typically associated to the whales, humongous
entities that can carry some influence in the market thanks to
their ability to make such large transfers. Related Reading:
Bitcoin To Reach Escape Velocity? Analyst Makes The Case Because of
their position on the network, their moves can be worth watching,
as they may end up reflecting on the price of the cryptocurrency.
As for how exactly the asset may be impacted by the transfers of
these investors can come down to what they intended to achieve with
the moves. It can be hard to say about any exact motive, but the
details of the transactions on the blockhain can sometimes provide
hints about the context surrounding it. Below are the details of
the first PEPE whale transfer from the past day: Looks like this
massive transfer on the Ethereum blockchain took a fee of just
$1.14 to go through | Source: Whale Alert As is visible, the
sending address in the case of this PEPE whale transaction was an
unknown wallet, meaning that it was unattached to any known
centralized platform like an exchange. Such wallets are usually the
investors’ personal, self-custodial addresses. The receiving
address, on the other hand, does have a platform affiliated to it:
the cryptocurrency exchange Binance. Thus, it would appear that the
whale moved 1,238,332,920,144 PEPE (worth over $10.5 million at the
time the transfer went through) from their personal wallet to the
custody of the exchange. Transfers of this type are known as
exchange inflows. The investors make exchange inflows whenever they
want to make use of one of the services that these platforms
provide, which can include selling. As such, exchange inflows can
end up being bearish for the price. If the whale, in the current
case, indeed made the deposit to sell, then PEPE could naturally be
negatively impacted, given the large scale of the transaction.
Fortunately for the investors of the meme coin, though, the second
transaction from today is actually the exact opposite of this
transfer; it’s an exchange outflow. The second large PEPE
transaction that took place on the network in the past day |
Source: Whale Alert As displayed above, this PEPE whale moved coins
from Binance to an unknown wallet through this transaction.
Investors generally transfer to personal addresses when they plan
to hold in the long term, as it’s safer to do so outside the
custody of central entities. Thus, it’s possible this whale plans
to HODL these coins. Interestingly, the amount involved in this
move, 1,241,850,000,000 PEPE ($10.5 million), is quite similar to
the exchange inflow. Given that the same exchange is also involved
in both, it’s possible that the same whale may in fact be
responsible for the both of them. Related Reading: Bitcoin Relative
Open Interest Lowest Since Feb, Analyst Says “Hard To Be Bearish”
Though, since the addresses don’t quite match, it’s still
uncertain. Either way, the fact that an equal-sized exchange
outflow has occurred mere hours after should be able to balance out
any bearish effects arising out of the inflow, at least in theory.
PEPE Price At the time of writing, PEPE is floating around the
$0.000008445479 mark, up more than 21% over the past week. The
price of the asset appears to have gone up over the last few days |
Source: PEPEUSD on TradingView Featured image from Abhi Verma on
Unsplash.com, chart from TradingView.com
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