On-chain data shows a PEPE whale has withdrawn a large amount of the memecoin from Binance today. This move could be bullish for its price. According to Whale Alert, a massive PEPE transaction was spotted on the blockchain in the last 24 hours. The transfer involved the movement of 1,286,733,285,955 tokens, worth more than $14.7 million at the time.
This large transaction suggests that a whale entity was responsible. Whales, known for their large investments, can influence the market significantly. Their actions can provide insights into potential market trends. The recent transaction involved moving PEPE from a Binance address to a personal wallet. This kind of transfer, known as an “exchange outflow,” often indicates long-term holding intentions, which can be bullish for the cryptocurrency.
The whale may have transferred these coins to hold them long-term. It could also be that the investor freshly purchased these tokens, adding a positive outlook for the memecoin. However, a bearish scenario exists where the whale could sell the PEPE stack through an over-the-counter (OTC) desk. The exact purpose of the transfer remains uncertain, and its impact on PEPE’s price is yet to be seen.
Recently, PEPE had recovered towards the $0.0000121 level. However, it has since experienced a plunge of almost 5%, with its price now around $0.0000115. The coming days will reveal whether this whale’s move signals a bullish trend for PEPE or if the market will see further fluctuations.
