Pepe Coin Whale Sparks Concerns With 1 Tln PEPE Transfer To Binance, What's Next?

Highlights

A renowned Pepe coin whale again moved colossal amounts of PEPE to Binance, triggering bearish concerns.
The whale transfer comes despite PEPE's notable price rally today, adding a layer of intrigue to the matter.
PEPE price has managed to stay in the green territory despite the colossal transfer to Binance.

Pepe coin has once again magnetized substantial investor interest across the broader crypto market, primarily with its on-chain dynamics. In the background of PEPE’s remarkable price rally today, a well-known whale has offloaded nearly 1 trillion PEPE to Binance, igniting severe concerns among crypto market participants. Although not yet confirmed to be a sell transaction, the transfer has birthed a domino of bearish sentiments on future price movements.

Let’s take a closer look at why and what Pepe coin’s market dynamics imply for future movements.

Whale Deposits 1.1 Tln Coins To Binance

According to detailed on-chain insights provided by Arkham Intelligence, the whale address 0x837 has executed a series of 3 transactions today, June 26, moving a staggering 1.1 trillion PEPE to Binance. The first two transactions consisted of 400 billion coins each, shifted to Binance. Meanwhile, the third transaction illustrated the transfer of 300 billion coins to the same exchange.

Collectively, $14.42 million worth of PEPE was deposited to Binance, which, if sold at the current price, would result in a loss of $894K. Nonetheless, it’s also worth mentioning that the abovementioned whale still holds 300 billion coins.

A CoinGape Media report further spotlighted the same address’s colossal 700 billion Pepe coin transfer to Binance yesterday. The reasons behind these transfers remain uncertain, with potential panic selling sentiment as a possible explanation, given the recent turbulence in the crypto market. Nonetheless, the sell order is not confirmed yet.

In the interim, Pepe coin appears to have borne the brunt of implications generated by this transaction. After soaring to a peak of $0.00001326 today, the meme coin’s price waned, per CoinMarketCap’s data. This waning price trajectory comes in tandem with the colossal deposits to Binance today, although PEPE still traded in the green.

Also Read: Top Reasons Why Shiba Inu Coin Price Soaring, Check Target Price As Whales Buy

PEPE Price Soars

As of writing, the PEPE price saw a 6.06% upswing to trade at $0.0000124. The token’s 24-hour bottom was recorded as $0.00001157.

Coinciding with the price rally, Coinglass data shows a market uptrend for Pepe coin as its Futures OI and derivatives volume noted gains. PEPE’s Futures OI jumped 3.63% to $130.59 million, whereas the volume spiked 2.26% to $1.86 billion. This contrasts market sentiments birthed with the massive whale transfers.

Additionally, the RSI undermined the whale transactions, sitting at 52, hinting at broader neutrality for the asset.

Simultaneously, a renowned crypto market enthusiast named ‘Elja’ recently took to X, saying, “PEPE kooks ready for the next leg up. Did you buy the dip?” further weighing the scale more toward the optimistic side for the meme coin.

Also Read: Anti-Crypto Jamaal Bowman’s NY 16th Election Loss Shows What’s Coming in 2024 US Elections

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Coingapestaff

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