News
Whale Withdraws $14.7 Million From Binance
On-chain data shows that a PEPE whale withdrew a large amount of memecoin from Binance today, a sign that could be bullish for its price.
PEPE Whale has seen a large outflow from Binance in the past few days
According to data from the cryptocurrency transaction monitoring service Whale alertIn the last 24 hours, a massive Pepe transaction has been detected on the blockchain.
The transfer involved the movement of 1,286,733,285,955 tokens across the network, worth over $14.7 million at the time of the transaction.
Given this large scale, it is likely that a whale entity was responsible for the move. Whales are giant investors who have large amounts in their portfolios. Because they can make huge moves in single transactions like this latest one, they are considered influential beings in the market.
Therefore, it is worth keeping an eye on their moves, as they may have implications for the price. It is usually difficult to say exactly how a move might be reflected in the market, but sometimes the addresses involved can provide some clues.
Below are the address details for Pepe whale’s latest transaction.
As you can see, the sending address for this PEPE transaction was linked to the cryptocurrency exchange Binance. In contrast, the recipient was not affiliated with any centralized platform, suggesting that it was likely an investor’s self-custodial wallet.
Transfers that go from exchanges to personal addresses are called “exchange outflows.” Typically, investors make outflows from these platforms when they plan to hold for the long term, so these transfers can potentially lead to bullish benefits for the cryptocurrency.
The whale may have made this latest transfer from Binance for a similar purpose. It could also be that these coins were just purchased by this large investor, making it an even more positive move for the memecoin.
However, there is also a bearish scenario where the whale has withdrawn its PEPE stack to sell via a over-the-counter (OTC) instead. Since it is impossible to say for sure which of these scenarios this transaction follows, it remains to be seen what effect this transfer ends up having on the price of the currency, if any.
PEPPER price
Pepe had recently recovered towards the $0.0000121 level, but since then the asset has suffered a drop of almost 5%, as its price is now back to around $0.0000115. The following chart shows how the memecoin has performed in the past few days.
Featured image from Dall-E, whale-alert.io, chart from TradingView.com