This wallet withdrew nearly one billion PEPE tokens from the cryptocurrency exchange Binance. Is this bullish?
According to Debank, a newly constructed wallet purchased over one trillion PEPE tokens (equivalent to $1.64 million) from the cryptocurrency exchange Binance.
Binance reportedly delisted PEPE from its flexible loans platform on May 5th, during the memecoin frenzy. Regarding trading volume, the Pepe price has outperformed other popular meme currencies, such as Dogecoin (DOGE) and Shiba Inu (SHIB).
PEPE Whale Business Transactions
Two notable whale transactions involving Pepe tokens have purchased PEPE, signifying an upcoming bullish trend. A wallet with the identifier “0xcfff” purchased 260 billion $PEPE tokens for 471,700 $USDC, or approximately $1.08 million. In addition, @osf_rekt acquired 404.5 billion $PEPE tokens by exchanging 367 Ethereum (equivalent to $720,000).
At press time, one $PEPE token is worth $0.00000174, representing a decrease of 0.38% over the previous hour and an increase of 9.31% from a week earlier. The 24-hour trading volume reached $393,526,531, a significant increase of 205.13%.
Although a whale recently sold all of their $PEPE holdings at a 52% loss, rumors exist that another whale may have engaged in insider trading, resulting in the sale of their $PEPE tokens. But will Pepe confound all odds and advance?
PEPE Price Increase Despite Dumps
Binance, one of the largest cryptocurrency exchanges in the world, recently delisted $PEPE from its Flexible Loan platform. This decision has altered the token’s trading dynamics, as the token’s price rose 15% following the announcement.
According to data from CoinGlass, there has been a large liquidation of short positions on PEPE in the past 24 hours, totaling $2.02 million out of a total of $3.03 million.
However, $PEPE has experienced a notable 4.72% increase over the past 24 hours. Among other prominent financial institutions, BlackRock, WisdomTree, and Fidelity have recently filed for spot Bitcoin exchange-traded funds (ETFs), indicating a growing institutional interest.
