Leading crypto analytics firm Whale Alert sent ripples through the crypto community yesterday after spotting a massive movement of Pepe (PEPE) tokens – over $12 million worth – between two Binance wallets.
Initially, Whale Alert reported the transfer as originating from an unknown wallet to Binance, sparking speculation about a potential influx of PEPE onto the exchange. However, further investigation revealed the movement to be an internal shuffle between Binance’s own wallets – “Binance 70” sending the 1.15 trillion PEPE tokens (valued at $12.34 million) to “Binance 28.”
This internal transfer highlights the growing interest in PEPE among large investors, often referred to as “whales.” Earlier this month, a wallet linked to venture capital giant Nascent gobbled up a staggering 447.67 billion PEPE from Binance. Additionally, PEPE’s 24-hour trading volume hit an impressive $41 billion on June 4th.
Despite the whale activity, PEPE’s price hasn’t reflected this enthusiasm. The token has been on a downward trend this month, with a significant 34.1% decline so far. Currently, PEPE trades at $0.00001023, showcasing a double-digit drop over the past day and week.
Also Read: Whale Alert! Pepe Coin (PEPE) Price Prediction & Analysis For June 2024
This price slump mirrors the broader bearish sentiment in the cryptocurrency market. While PEPE remains a top-25 crypto by market cap (hovering around $4.28 billion), its daily trading volume has shrunk to $1.08 billion.
Is the internal Binance transfer a bullish sign for PEPE? The jury is still out. While whale interest is undeniable, the current market climate seems to be dampening investor spirits.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
