Highlights:
- Ceffu wallet removes 1.48 trillion PEPE from Binance, sparking widespread speculations among participants as they decipher possible reasons for the transfer.
- The tokens removal happened around the same period that saw 44.5K Bitcoin exit Binance.
- PEPE concentration by large has remained significantly large despite the withdrawals.
According to Lookonchain monitoring, a wallet associated with Ceffu, a Binance Exchange custody platform, withdrew 1.48 trillion PEPE from crypto exchange Binance on August 29. The total transaction cost an estimated $11.6 million.
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A wallet related to #Ceffu withdrew 1.48T $PEPE($11.6M) from #Binance just now.https://t.co/H9anq20RUY pic.twitter.com/TTq3BVtVoo
— Lookonchain (@lookonchain) August 29, 2024
The transfers occurred via two distinct transactions. The first involved one trillion PEPE, while the second shifted approximately 480 billion tokens. Unlike past transactions, where Lookonchain would mention their destinations, it did not highlight any in the Ceffu wallet withdrawal case.
Hence, market participants can only speculate on the withdrawal endpoint with no absolute clue. In addition, the impacts of such transfers will depend more on speculations than facts, which could be misleading in the long run.
Why is the Ceffu Wallet Tokens Removal from Binance Attracting Attention?
Ceffu is a rapidly growing institutional asset manager that offers users solutions and options to navigate the crypto space while transacting efficiently. Considering its gradual market penetrance efforts, the platform boasts the significant potential to rise globally. Therefore, it is unsurprising that its withdrawal actions attracted interest from the crypto community.
Aside from the Ceffu influence, 1.48 trillion in token transfers from an exchange appears massive to elicit a market momentum swing. However, considering PEPE’s incredible 420.69 trillion circulating supply, the token transfer impacts might not play out as most PEPE enthusiasts envisaged.
Massive Tokens Removal from Binance – Possible Reasons?
In the crypto space, tremendous withdrawals like the one described in this insight tend to have many reasons backing them up. Generally, the reasons for such transfers signify buying actions. Should Ceffu intend to accumulate PEPE, it becomes apparent that the outcome for the token will likely be bullish.
On the other hand, the shifted tokens could mirror the massive withdrawals that hit Binance after news broke out that it froze Palestinian funds. For context, the largest exchange recorded its second-highest Bitcoin outflow after the incident involving Palestinian funds and Israeli authorities.
Notedly, 44.5K Bitcoin (BTC) left the trading platform after the funds seizure saga. The last time Binance witnessed tremendous outflows above 44.5K tokens was in May 2023. The exchange saw about 162K BTC exit its trading platform in the 2023 outflows.
Binance Records 2nd Highest Bitcoin Outflows In its History
-44.5K #BTC outflow
Higest ever outflow on May 2023 -162KThis comes after multiple allegations of Palestinians🇵🇸 frozen funds on #Binance at the direction of Israel. pic.twitter.com/HL9cXQtz2w
— Izel (@Izelonsol) August 28, 2024
PEPE Concentration by Large Holders Remains at 72% Despite the Ceffu Withdrawals
Per IntoTheBlock, the withdrawals have not elicited any significant momentum shift, as evidenced by a considerable PEPE large holders pool. Remarkably, PEPE concentration by large holders reflected 72%. However, PEPE holders’ composition by time held depicted more intermediate token owners than long-term holders
28% of PEPE holders have held the token for over a year, while 64% have owned the frog-themed coin for over a month but less than a year. Meanwhile, only 8% have stacked the token for less than a month. Despite the PEPE $0.0000079 selling price at the time of writing, only 51% of the holders are in profits. 12% are neither losing nor gaining, while 36% of the holders’ pool are in losses.
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