Whales Buying Trillions In PEPE from Binance, Is Another Massive Rally Ahead?
A newly created wallet has bought over trillion PEPE tokens (equivalent to $1.64 million) from the cryptocurrency exchange Binance, as per Debank. Binance listed PEPE on May 05 during memecoin frenzy, reportedly delisted PEPE from its flexible loans platform. Pepe price has been as an outperformer when compared to other popular meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) in terms of trading volume.
PEPE Whale Transactions
Two notable whale transactions involving Pepe tokens have bought PEPE indicating a bullish momentum ahead. A wallet identified as “0xcfff” made a purchase of 260 billion $PEPE tokens by spending 471,700 $USDC, amounting to approximately $1.08 million. Additionally, Twitter user @osf_rekt acquired 404.5 billion $PEPE tokens by spending 367 Ethereum (equivalent to $720,000).
At the press time, the value of $PEPE tokens stands at $0.00000174, representing a decrease of 0.38% within the last hour, with a surge of 9.31% observed over the course of one week. The trading volume within the last 24 hours reached $393,526,531, indicating a significant 205.13% increase.
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Thiugh a whale recently sold all of their $PEPE holdings at a loss of 52%, there have been reports of another whale potentially involved in insider trading, leading to the dumping of their $PEPE tokens. But will Pepe surge defying all odds?
PEPE Price Surge Despite Dumps
Binance, one of the world’s largest cryptocurrency exchanges, recently delisted $PEPE as a borrowable asset on its Flexible Loan platform. This decision has impacted the trading dynamics surrounding the token, as price jumped 15% low upon announcement.
According to data from CoinGlass, there has been a significant liquidation of short positions on PEPE, totaling $2.02 million in the past 24 hours, out of a total of $3.03 million in liquidations.
However, over the past 24 hours, $PEPE has experienced a noteworthy increase of 4.72%. Prominent financial institutions, including BlackRock, WisdomTree, and Fidelity, have recently filed for spot Bitcoin exchange-traded funds (ETFs), signaling growing institutional interest in cryptocurrencies.
Also Read: Blackrock Resubmits ETF Proposal – Will This Propel BTC to $38k?
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