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The movement of 1,286,733,285,955 PEPE tokens, worth approximately $14.7 million, attracted great attention in the industry. Initial reports suggested that this transaction was an outward transaction, but further investigation revealed that the receiving wallet was actually “Binance 70” and this was an internal transfer.
Internal Transfer Details
According to Etherscan data, the recipient address of the transaction was associated with Binance, invalidating the assumption of an outward traction initially made by a large investor. It appears that funds were realigned within Binance's own network and an internal transfer was made rather than a large exit transaction.
PEPE Price Changes
Despite this large transfer, a slight decrease in the market price of the PEPE token was observed. In the last 24 hours, the price of PEPE has fallen by 1.59%, which indicates that the nature of the internal transfer does not cause a major concern in the market.
Market Effects
PEPE token is still in the process of consolidation and current prices are trending below the daily SMA 50 ($0.0000126). Traders are watching closely to see if there will be a break above this level; because this situation may start a new bull trend. A significant upward move could increase market participation and potentially trigger a new rally.
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I EXPLAIN IN DETAIL.
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