On-chain data shows a PEPE whale has withdrawn a large amount of the memecoin from Binance today, a sign that could be bullish for its price.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.
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.
Looks like this transfer only required a fee of $1.47 to go through on the Ethereum blockchain | Source: Whale Alert
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.
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
Keshav Verma
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
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