Data shows a Pepe whale has made a large Binance withdrawal in the past day as the memecoin’s price has seen a strong rally in the past week.
PEPE Whale Has Made A Notable Binance Outflow Today
According to data from the cryptocurrency transaction tracker service Whale Alert, a massive transaction has been spotted on the Pepe network during the past day.
The transfer in question involved the movement of about 1.79 trillion tokens of the memecoin, worth approximately $26.6 million at the time the transaction occurred. Considering the large scale associated with the move, it’s likely that a whale entity was behind it.
Whales are the big-money investors who can carry some degree of power in the market, so their moves can be worth keeping an eye on. Naturally, a transaction from just one whale is unlikely to directly affect the asset’s price, but it can still contain a hint or two about what the sentiment may be like among the large holders.
Generally, though, there isn’t much that can be gained from looking at transaction data alone, considering that most wallets on the network are anonymous. Luckily, the latest Pepe whale transfer isn’t like this; it has an already identified wallet involved in it.
Here are the details related to this move:
The sender appears to have paid a fee of just 0.000512 ETH to complete this massive transfer | Source: Whale Alert
As displayed above, the sending address for this PEPE transaction was a wallet attached to the cryptocurrency exchange Binance, while the receiver was an unknown address, meaning it was likely the whale’s self-custodial wallet.
Moves of this type where coins exit the custody of centralized exchanges are called exchange outflows. Usually, investors transfer to their personal address when they plan to hold for the long term, so exchange outflows can be a bullish sign for the asset’s price.
This large exchange outflow from the whale has come as Pepe has gone through a notable surge in the past week and has outperformed most of the top coins in the sector.
It wouldn’t be surprising if the whales responded to the run by selling, so to see one of them actually deciding to double down on the memecoin instead could naturally be a positive sign.
In some other news, the number one digital asset, Bitcoin, has also seen exchange outflows from the whales recently, as the institutional DeFi solutions provider Sentora (formerly IntoTheBlock) has shared in an X post.
The data for the exchange netflows related to Bitcoin over the past week | Source: Sentora on X
“As Bitcoin crossed $100K last week, exchange flows turned negative,” notes Sentora. “Over $550 million was withdrawn on Friday alone, signaling strong accumulation pressure.”
PEPE Price
At the time of writing, Pepe is trading around $0.0000135, up more than 70% in the last seven days.
The trend in the asset's price during the past five days | Source: PEPEUSDT on TradingView
