- The decision of a prominent Pepe coin whale to deposit an immense 1 trillion PEPE coins to Binance has created a wave of bearish sentiments among traders, even as PEPE’s price rallies today.
- Despite the whale’s significant transfer to Binance, PEPE’s price remains strong, intriguing market observers.
- PEPE continues to trade positively despite the enormous transfer to Binance.
The recent transfer of 1 trillion PEPE coins to Binance by a key whale raises questions about future price movements and market sentiment.
Whale Deposits 1 Trillion PEPE Coins to Binance
On-chain data from Arkham Intelligence revealed that a well-known whale, identified by the address 0x837, conducted three transactions on June 26, transferring a total of 1.1 trillion PEPE to Binance. The initial two transactions each involved 400 billion coins, while the third moved 300 billion coins to the exchange.
The collective value of the deposits amounts to approximately $14.42 million. If these tokens are sold at current prices, the whale would incur a loss of around $894,000. Interestingly, despite these large transfers, the whale retains a balance of 300 billion PEPE coins.
Previous reports from CoinOtag indicate that the same address moved 700 billion PEPE coins to Binance just a day earlier. The exact motives behind these transfers are unclear, potentially stemming from panic selling amid market volatility. However, it is yet to be confirmed if the whale intends to sell the deposited tokens.
As the market digests these significant movements, Pepe coin’s price dynamics remain in focus. After hitting a high of $0.00001326 today, PEPE’s value slightly declined but still trades in the green according to CoinMarketCap.
PEPE Price Rallies
At the time of writing, PEPE has experienced a 6.06% increase, trading at $0.0000124. The token’s 24-hour low was recorded at $0.00001157. Despite the whale transfers, Coinglass data suggests an ongoing market uptrend for PEPE, with Futures Open Interest (OI) rising by 3.63% to $130.59 million and derivatives volume increasing by 2.26% to $1.86 billion.
These positive metrics contrast with the bearish sentiments caused by the whale’s large transfers. Additionally, the Relative Strength Index (RSI) for PEPE stands at 52, indicating a neutral stance.
Adding to the optimism, a notable crypto market analyst, ‘Elja’, recently tweeted, “PEPE looks ready for the next leg up. Did you buy the dip?” This suggests a favorable outlook among some market participants.
Conclusion
The recent deposit of 1 trillion PEPE coins to Binance by a prominent whale has certainly stirred the market, invoking a mix of bearish and bullish sentiments. While some fear potential selling pressure, others see this as an opportunity. The continued trading in the green and positive market indicators such as increased futures OI and volume show resilience. Moving forward, investors and traders will closely watch these dynamics to navigate their positions in PEPE.
