On-chain data shows PEPE whales have moved large amounts of the memecoin during the past day. Here’s where these tokens have been heading.
PEPE Whales Have Been Active On The Network Today
According to data from the cryptocurrency transaction tracker service Whale Alert, two large PEPE transactions have occurred in the space of a few hours during the past day. Both of these moves are of a scale that’s typically associated to the whales, humongous entities that can carry some influence in the market thanks to their ability to make such large transfers.
Because of their position on the network, their moves can be worth watching, as they may end up reflecting on the price of the cryptocurrency. As for how exactly the asset may be impacted by the transfers of these investors can come down to what they intended to achieve with the moves.
It can be hard to say about any exact motive, but the details of the transactions on the blockhain can sometimes provide hints about the context surrounding it.
Below are the details of the first PEPE whale transfer from the past day:
Looks like this massive transfer on the Ethereum blockchain took a fee of just $1.14 to go through | Source: Whale Alert
As is visible, the sending address in the case of this PEPE whale transaction was an unknown wallet, meaning that it was unattached to any known centralized platform like an exchange. Such wallets are usually the investors’ personal, self-custodial addresses.
The receiving address, on the other hand, does have a platform affiliated to it: the cryptocurrency exchange Binance. Thus, it would appear that the whale moved 1,238,332,920,144 PEPE (worth over $10.5 million at the time the transfer went through) from their personal wallet to the custody of the exchange.
Transfers of this type are known as exchange inflows. The investors make exchange inflows whenever they want to make use of one of the services that these platforms provide, which can include selling. As such, exchange inflows can end up being bearish for the price.
If the whale, in the current case, indeed made the deposit to sell, then PEPE could naturally be negatively impacted, given the large scale of the transaction. Fortunately for the investors of the meme coin, though, the second transaction from today is actually the exact opposite of this transfer; it’s an exchange outflow.
The second large PEPE transaction that took place on the network in the past day | Source:
Click Here to Read the Full Original Article at NewsBTC…
