This major move has attracted the interest of the cryptocurrency community, with 1.28 trillion PEPE tokens exiting Binance, triggering massive whale activity. The large transaction was reported by Whale Alert, a well-known blockchain tracking company that monitors large cryptocurrency transfers.
The transaction involved a massive 1,286,733,285,955 PEPE tokens, worth approximately $14,745,963, being transferred from Binance to an unknown wallet.
However, upon closer inspection, we discovered a detail that adds an interesting layer to the story. Data from Etherscan suggests that the recipient was none other than an address called “Binance 70.” This news has fueled speculation that the transaction may not be an external transfer as it initially appeared, but rather a reshuffle of funds within Binance. Identifying the receiving address as an internal Binance address adds some clarity, suggesting that the transaction may be part of Binance’s regular operations rather than an external withdrawal by a whale investor.
Despite the huge volume of the transfer, the price of PEPE has seen a slight decline, falling 1.59% in the past 24 hours. This small drop shows that the market did not react strongly to the transaction, which may be due to the internal nature of the transfer. PEPE Price Trend The frog-themed emoji token PEPE has experienced a period of consolidation in recent weeks. After reaching an all-time high of $0.00001722 on May 27, the PEPE price began to consolidate, forming a range-bound fluctuation that kept traders on their toes. Currently, the PEPE token is hovering below the daily SMA 50 at $0.0000126.
A breakout above this level could be significant for PEPE and could signal the start of a new bull run. Such a breakout would not only mean an exit from the current lower price range, but could also ignite new bullish momentum and attract more buyers into the market. At the time of writing, PEPE is down 1.3% over the past 24 hours to $0.000011.