Pepe Coin Whale’s decision to deposit a staggering 1 trillion coins to Binance has sparked bearish sentiments among market participants despite the PEPE price rally today.
Pepe Coin has once again magnetized considerable investor interest in the broader crypto market, primarily with its on-chain dynamics.
Amid a significant PEPE price rally today, a well-known whale has unloaded nearly 1 trillion PEPE on Binance, causing serious concern among crypto market participants.
Although a sale transaction has not yet been confirmed, the move has triggered a domino of bearish sentiment on future price movements.
Let’s take a closer look at why and if Pepe Coin’s market dynamics are indicative of future movements.
Whale collects 1.1 Tln coins on Binance
According to detailed on-chain insights provided by Arkham Intelligence, Whale address 0x837 executed a series of 3 transactions today, June 26th, transferring 1.1 trillion PEPE to Binance.
The first two transactions involved 400 billion coins, each transferred to Binance. Meanwhile, a third transaction illustrated the transfer of 300 billion coins to the same exchange.
In total, $14.42 million worth of PEPE was deposited into Binance, which, if sold at the current price, would result in a loss of $894K. However, it is also worth noting that the said whale still has 300 billion coins.
A report from itscryptobasic, Media further highlighted the transfer of a whopping 700 billion Pepe coins to Binance from the same address yesterday.
Given the recent turmoil in the crypto market, the reasons behind these transfers are uncertain, with panic selling sentiment as a possible explanation. However, the sale order has not yet been confirmed.
In the interim, Pepe Coin seems to have borne the brunt of the implications arising from this transaction. After reaching a peak of $0.00001326 today, meme coin price dropped, according to CoinMarketCap data.
This falling price momentum coincides with strong reserves on Binance today, although PEPE still trades in the green.
The price of PEPE is increasing.
As of writing, PEPE price has seen a 6.06% increase to trade at $0.0000124. The token’s 24-hour low was recorded as $0.00001157.
Coincident with the price increase, Coinglass data shows market growth for Pepe Coin as its futures OI and derivatives volume increased significantly.
PEPE futures OI rose 3.63 percent to $130.59 million, while volume rose 2.26 percent to $1.86 billion. This is in contrast to the market sentiment generated with large-scale Whale transfers.
Additionally, the RSI weakened the Whale, sitting at 52, indicating broader neutrality for the asset.
Also, a popular crypto market enthusiast named ‘Elja’ recently told X, “PEPE is ready for the next phase. Did you buy the dip?” Weighing the scale further towards the optimistic side for memecoin.
