A PEPE whale is currently causing a stir in the crypto market. Over the past 48 hours, approximately 29.28 million PEPE tokens were withdrawn by this whale from Binance.
Latest Withdrawal: 420 Billion $PEPE in a Single Move
Five hours ago, the wallet behind this tweet moved nearly half a trillion dollars’ worth of PEPE, which equaled 5.39 million. It is another huge withdrawal for the same user; it is now in the company of the biggest accumulators of the memecoin.
Why It Matters
Large-scale withdrawals like this usually indicate long-term holding (HODL) intentions. If you see whales sending tokens out of exchanges and into their private wallets, they may not plan to sell them for some time. It’s also possible that they are getting ready for a new gain, or maybe they know facts that others do not.
Because fewer tokens are listed and sold, people usually feel better about the cryptocurrency, and such sentiment may lead to an increase in prices.
Future Outlook
Overall, PEPE has seen its shares rise and fall, but the current accumulation trend could indicate positive results for the market. As more tokens are removed from exchanges, traders may witness swings in the market and could see the price rise.
With news that the meme coin market is gaining popularity again, everyone is watching to see what this whale will do shortly and how the market will respond.
