Binance Moves 1.28 Trillion PEPE Coins in Major Wallet Shuffle Amid Market Turbulence
Release: 2024/07/05 02:49 Reading: 298
Amidst market-wide turbulence, PEPE has seen over 1.28 trillion shuffled on Binance as investors rush to accumulate tokens.
PEPE has become the third-largest meme coin in the industry after reaching an all-time high earlier this year.
Whale Activity Fuels Surge
The recent surge in PEPE trading activity is attributed to significant whale involvement. One notable transaction involved the transfer of 1,286,733,285,955 PEPE tokens from crypto address 'Binance 28' to 'Binance 70.' Additionally, a whale known as 'dimethyltryptamine.eth' has re-emerged after ten months of absence, selling 10 billion PEPE coins for 32.73 Ether (ETH), netting a $112K profit.
Holder Sentiment and Price Performance
Despite the recent price drop, current PEPE holders remain largely profitable, with approximately 78% in the green. However, liquidations on derivatives markets have exceeded $3 million, signaling ongoing uncertainty.
Market Cap and Rankings
With a market capitalization of over $4 billion, PEPE has secured its position as the third-largest meme coin, behind Dogecoin (DOGE) and Shiba Inu (SHIB).
Long-Term Outlook
While technical indicators suggest a potential price dip, on-chain data indicates buy orders outnumbering sell orders in recent trading. This suggests that long-term holders may have the potential to influence the coin's future trajectory.
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