PEPE Whale Accumulation: $7.94M Withdrawn from Binance and Gate.io in Two Hours
Release: 2024/11/07 05:13 Reading: 894
Whale Activity Sparks Renewed Interest in PEPE Token
Over the past two hours, multiple "whales" (large holders) have executed significant purchases and withdrawals of PEPE tokens from prominent exchanges, including Binance and Gate.io.
Notable Whale Transaction
The most notable withdrawal was initiated by a whale associated with the wallet address "0x51Cc." This entity transferred an impressive 535.81 billion PEPE tokens, valued at approximately $5.07 million, from Binance.
This substantial acquisition highlights a trend of whale accumulation in PEPE, indicating renewed enthusiasm for the cryptocurrency inspired by the popular internet meme.
Additional Whale Transactions
Beyond "0x51Cc," two other significant wallets also withdrew substantial amounts of PEPE from exchanges:
- Wallet "0xa586" withdrew 163.37 billion PEPE ($1.44 million) from Binance.
- Wallet "0xd3B0" withdrew 135.45 billion PEPE ($1.3 million) from Gate.io.
Collectively, these transactions amounted to 835.6 billion PEPE tokens, totaling $7.94 million. This surge in withdrawals reinforces the pattern of whale accumulation.
Whale's Trading History
Notably, the whale associated with wallet "0x51Cc" has a history of profiting from trading meme tokens and altcoins, including PEPE. However, the whale's ventures have not all been successful, with losses recorded on certain tokens.
Implications for PEPE
The accumulation of PEPE tokens by whales could have implications for the token's price and market perception. Reducing the available supply off exchanges can drive up the cost if demand remains steady or increases.
This latest accumulation spree signals a potentially bullish outlook among major holders, which may encourage retail investors to follow suit.
Community Attention
The renewed whale interest in PEPE is likely to attract attention within the cryptocurrency community. Whale movements are often watched closely by other investors as they can indicate underlying trends or future price action.
As PEPE's value and popularity have fluctuated previously, whale accumulation could suggest a period of increased price stability or growth, subject to broader market conditions.
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