PEPE Bullish Signal: Whale Withdraws $14.7 Million Stack From Binance
July 02 2024 - 7:00PM
NEWSBTC
On-chain data shows a PEPE whale has withdrawn a large amount of
the memecoin from Binance today, a sign that could be bullish for
its price. PEPE Whale Has Made A Large Outflow From Binance In The
Past Day According to data from the cryptocurrency transaction
tracker service Whale Alert, a massive Pepe transaction has been
spotted on the blockchain during the last 24 hours. Related
Reading: Bitcoin Q3 Rally Possible As Miner Selloff Finishes, Quant
Says The transfer involved the movement of 1,286,733,285,955 tokens
on the network, worth more than $14.7 million when the transaction
went through. Given this large scale, it’s likely that a whale
entity was responsible for the move. Whales are humongous investors
who carry large amounts in their wallets. As they can make huge
single-transaction movements like this latest one, they are
considered influential beings on the market. Therefore, their moves
can be worth keeping an eye on, as they may have implications for
the price. Generally, though, it’s hard to say how exactly a move
might reflect on the market, but sometimes, the addresses involved
can provide some hints. Below are the address details for the
latest Pepe whale transaction. As is visible, the sending address
for this PEPE transaction was one attached to the cryptocurrency
exchange Binance. Conversely, the receiver wasn’t affiliated with
any centralized platform, suggesting that it was likely an
investor’s self-custodial wallet. Transfers that move from
exchanges to personal addresses are called “exchange outflows.”
Generally, investors make outflows from these platforms when they
plan to hold in the long term, so these transfers can potentially
carry bullish benefits for the cryptocurrency. Related Reading:
Shiba Inu ‘Underbought,’ While Bitcoin ‘Overbought’ Recently:
Santiment The whale may have made this latest transfer out of
Binance for a similar purpose. It could also be that these coins
were just freshly purchased by this large investor, thus making a
move even more positive for the memecoin. However, there also
exists a bearish scenario where the whale has taken out their PEPE
stack to sell through an over-the-counter (OTC) desk instead. As
it’s impossible to say with any certainty which of these scenarios
this transaction follows, it only remains to be seen what effects
this transfer ends up having on the coin’s price, if any. PEPE
Price Pepe had recently recovered towards the $0.0000121 level, but
the asset has since seen a plunge of almost 5% as its price is now
back at around $0.0000115. The chart below shows what the
memecoin’s performance has looked like over the last few days.
Featured image from Dall-E, whale-alert.io, chart from
TradingView.com
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