PEPE Whale Moves Over 1 Trillion Tokens to Binance – Will This Trigger a Crash
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Highlights:
- A whale investor has dumped over 1 trillion PEPE to Binance, eliciting price slump concern among enthusiasts.
- PEPE has dropped by over 4% in the past 24 hours, possibly reflecting the incredible exchange deposits.
- Profitable PEPE holders remained above 60% as the Fear & Greed index continues to reflect greed.
In one of its trendy tweets, crypto transactions tracker Whale Alert spotted a massive PEPE dumping elicited by a whale with an extensively diversified crypto portfolio. According to the tweet, the investor, with a wallet address labeled “0x3…dc8,” deposited roughly 1.28 trillion PEPE to Binance. The shifted tokens cost approximately $11.51 million.
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Considering PEPE’s highly volatile state, the transfer above could elicit a negative momentum shift. Hence, it is unsurprising that market participants, especially PEPE enthusiasts, might seem worried about the whale’s choice.
🚨 1,279,959,528,068 #PEPE (11,510,036 USD) transferred from unknown wallet to #Binancehttps://t.co/qlK9P64wo4
— Whale Alert (@whale_alert) October 28, 2024
PEPE Whale Other Coin Holdings
As earlier stated, the trader responsible for the over 1 trillion PEPE dump boasts a diversified portfolio. Per Etherscan statistics, apart from PEPE, the whale has over 23 other coin holdings. Some of the popular tokens include about 1.5K Ethereum (ETH), over $19 million worth of stablecoins, including USDT and USDC, Fantom Token (FTM), Wrapped BTC (WBTC), Worldcoin (WLD), Shiba Inu, (SHIB), Polygon (POL), etc.
Mathematically, the investor’s entire crypto holdings exceeded $40 million in valuation. It is worth noting that despite the gigantic PEPE shift, the whale investor still holds over 208 billion PEPE valued at about $1.8 million.
The remaining PEPE stores imply the trader dumped over 85% of the frog-themed meme coin holdings. Considering the trader’s vast crypto portfolio, one could assert that he possibly lost faith in PEPE’s long-term appreciation potential.
Possible Price Impacts Following Whale Exchange Deposits
At the time of press, PEPE is changing hands at approximately $0.0000087, reflecting a 4.8% decline in the past 24 hours. Apart from its short-term price change variable, other extended-period data reflected losses. For context, PEPE’s 7-day-to-date, 14-day-to-date, and month-to-date statistics displayed declines of about 14.6%, 17.6%, and 21%, respectively.
On CoinGecko, the frog-themed token ranks as the thirtieth most valuable cryptocurrency, with a market capitalization of roughly $3.67 billion. Meanwhile, despite the poor price actions, PEPE’s 24-hour trading volume displayed a significant 37.69% leap with a $565.23 million valuation.
Contrary to the statistics above, another crypto analytical firm, Coincodex, displayed some positive PEPE statistics. The analytical outlet noted that despite bearish sentiment hovering around PEPE’s future, the tokens’ Fear & Greed Index reflected greed at 69. Greed implies that the unimpressive trend did not change investors’ PEPE accumulation perception.
$PEPE has taken a pretty big dip recently because a single whale sold off his bag.
Guess what?
I'M NOT SELLING. pic.twitter.com/W3F94P9brz
— Rodney (@cryptojourneyrs) October 28, 2024
Other impressive findings hinged on PEPE spiking by 667% in a year interval. Additionally, it outperformed 93% of the top-performing cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). Also, PEPE is trading above its 200-day Simple Moving Average (SMA) and has high liquidity based on its market cap.
Profitable PEPE Holders Struck Over 60%
According to IntoTheBlock statistical overview, holders making money at PEPE’s current price reflected about 64%. Meanwhile, 10% are neither losing nor gaining, while 26% are enduring losses. IntoTheBlock also revealed that PEPE boasts a massive whale investors pool, as 72% of the token holders qualified as big spenders.
In holders’ composition by time-held data, 29% are long-term owners, with over one year of holding the token. 64% are intermediate holders (between one month and a year), while 7% are short-term PEPE owners (less than a month). In the past seven days, transactions above $100K skyrocketed to about $232.96 million.
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