Pepe Coin Whale Sparks Concerns With 1 Tln PEPE Transfer To Binance, What’s Next?
Pepe coin has once again magnetized substantial investor interest across the broader crypto market, primarily with its on-chain dynamics. In the background of PEPE’s remarkable price rally today, a well-known whale has offloaded nearly 1 trillion PEPE to Binance, igniting severe concerns among crypto market participants. Although not yet confirmed to be a sell transaction, the transfer has birthed a domino of bearish sentiments on future price movements.
Whale Deposits 1.1 Tln Coins To Binance
According to detailed on-chain insights provided by Arkham Intelligence, the whale address 0x837 has executed a series of 3 transactions today, June 26, moving a staggering 1.1 trillion PEPE to Binance. The first two transactions consisted of 400 billion coins each, shifted to Binance. Meanwhile, the third transaction illustrated the transfer of 300 billion coins to the same exchange.
Collectively, $14.42 million worth of PEPE was deposited to Binance, which, if sold at the current price, would result in a loss of $894K. Nonetheless, it’s also worth mentioning that the abovementioned whale still holds 300 billion coins.
A CoinGape Media report further spotlighted the same address’s colossal 700 billion PEPE transfer to Binance yesterday. The reasons behind these transfers remain uncertain, with potential panic selling sentiment as a possible explanation, given the recent turbulence in the crypto market. Nonetheless, the sell order is not confirmed yet.
In the interim, Pepe coin appears to have borne the brunt of implications generated by this transaction. After soaring to a peak of $0.00001326 today, the meme coin’s price waned, per CoinMarketCap’s data. This waning price trajectory comes in tandem with the colossal deposits to Binance today, although PEPE still traded in the green.
PEPE Price Soars
As of writing, the PEPE price saw a 6.06% upswing to trade at $0.0000124. The token’s 24-hour bottom was recorded as $0.00001157.
