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.
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:
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.
“As Bitcoin crossed $100K last week, exchange flows turned negative,” notes Sentora. “Over $550 million was withdrawn on Friday alone, signaling strong accumulation pressure.”
At the time of writing, Pepe is trading around $0.0000135, up more than 70% in the last seven days.
