PEPE has once again attracted significant interest from investors across the broader cryptocurrency market. This is primarily through its on-chain dynamics. In the background of the noticeable rise in PEPE prices. A famous whale has offloaded nearly a trillion PEPE to Binance. Which raised severe concerns among participants in the cryptocurrency market. Although it has not yet been confirmed that it is a sale transaction. However, this move has generated a range of bearish sentiment regarding future price movements.
Let's take a closer look at why and what the Pepe Coin market dynamics mean for future movements.
PEPE whale deposits 1.1 trillion cryptocurrencies on Binance
According to detailed insights into the series provided by Arkham Intelligence. The whale address 0x837 executed a series of 3 transactions yesterday, June 26th. Resulting in the transfer of a staggering 1.1 trillion PEPE to Binance. The first two transactions consist of 400 billion coins. Transferred to Binance. Meanwhile, the third transaction showed the transfer of 300 billion coins to the same trading platform.
Collectively, $14.42 million worth of PEPE has been deposited on Binance. Which, if sold at the current price, would result in a loss of $894,000. However, it is also worth noting that the aforementioned whale still holds 300 billion coins.
The report also highlighted the massive transfer of 700 billion Pepe coins made by the same address to Binance yesterday. The reasons behind these conversions remain uncertain, with panic selling sentiment a possible explanation. Due to the recent turmoil in the cryptocurrency market. However, the sell order has not been confirmed yet.
Meanwhile, Pepe seems to have borne the brunt of the fallout from this deal. After rising to a peak of $0.00001326, the price of the meme coin has tapered off, according to data from CoinMarketCap. This declining price trajectory comes alongside massive deposits into Binance today. Although PEPE is still trading in the green zone.
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