Whale Activity in the Cryptocurrency Market: Binance Internal Transfer Involving PEPE Tokens
In a noteworthy development that has caught the attention of the cryptocurrency community, substantial whale activity was observed as 1.28 trillion PEPE tokens were moved. The transaction involved a staggering 1,286,733,285,955 PEPE tokens, with an approximate value of $14,745,963, transferred from Binance to an unknown wallet.
However, upon closer inspection, additional details added an intriguing layer to the narrative. Data from Etherscan revealed that the recipient was none other than an address labeled Binance, specifically “Binance 70.” This revelation has led to speculation that the transaction might not be an external transfer as initially appeared, but rather an internal reshuffling of funds by Binance itself.
Identifying the recipient address as an internal Binance address provides some clarity, suggesting that the transaction might be part of Binance’s routine operations rather than an external withdrawal by a whale investor.
Despite the large transfer volume, the price of PEPE experienced a slight decrease of 1.59% over the past 24 hours. This minor dip indicates that the market did not react significantly to the transaction, possibly due to the internal nature of the transfer.
PEPE Price Movement:
The PEPE token has been in a period of consolidation in recent weeks. After reaching an all-time high of $0.00001722 on May 27, the price of PEPE has stabilized, resulting in a limited range movement that has kept traders on alert.
Currently, the PEPE token hovers below the 50-day simple moving average at $0.0000126. A breakout above this level could be significant for PEPE, potentially signaling the beginning of a new bullish phase. Such a breakout would not only indicate a departure from the current lower price range but could also ignite new bullish momentum, attracting more buyers into the market.
Read more PEPE Needs to Double in Price to Surpass Shiba Inu in Market Cap
At the time of writing, the price of PEPE has decreased by 1.3% over the past 24 hours, standing at $0.000011.
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