- Pepe has experienced an impressive surge of over 75% within the last week.
- Recently, a Pepe whale withdrew an astounding 2 trillion PEPE tokens from Binance, worth roughly $3.28 million.
New meme coins have exploded recently, adding to the vibrant cryptocurrency market. These meme coins might confuse people outside of their online communities, but they have a powerful attraction for their loyal fans.
This year has been an interesting year for the meme coin investors. Those who entered the market early with well-known projects like PEPE and FLOKI now have something to rely on, despite losing momentum in many meme coins. Recently Pepe, a frog-themed coin, has experienced an impressive surge of over 75% within the last week, reigniting investors’ optimism in its potential.
The increase was mainly attributed to the prevailing market sentiment. This surge was further fueled by BlackRock Capital’s recent endorsement and support for a Bitcoin ETF, resulting in a notable rise for coins like $PEPE.
The Whales’ Trail: Investigating the Remarkable Token Withdrawals
Lookonchain data has revealed an intriguing discovery about an important occurrence involving a Pepe whale. This specific whale made a huge move on July 5 when he withdrew an astounding 2 trillion PEPE tokens from Binance, worth roughly $3.28 million.
The whale withdrew 2T $PEPE($3.28M) from #Binance again 30 mins ago.
And currently holds 3.94T $PEPE($6.45M).https://t.co/SgQouPAfPU pic.twitter.com/yeviwRSimI
— Lookonchain (@lookonchain) July 5, 2023
Interestingly, this same whale had withdrawn 1.93 trillion tokens worth around $3 million from the same exchange in June. As of the time of writing, the addresses controlled by the whale currently hold a total of 3.94 trillion PEPE tokens, estimated at $6.45 million. This raises many questions about this whale’s recent activity’s impact on the token’s trajectory.
The Whale’s Effect on PEPE Token Withdrawals
An extensive analysis of the PEPE transaction activity on Santiment has uncovered the significant consequences of the whale’s action on July 5. Santiment’s outflow chart indicates that the volume of tokens withdrawn from exchanges that day reached nearly 3 trillion. This outflow volume marked the second highest in July thus far, following a spike of over 6 trillion on July 3rd. At the time of writing, the outflow volume was recorded at approximately 15.8 billion.
In contrast, when examining the exchange inflow, it becomes evident that the volume was relatively lower during the same period. Specifically, on July 5, the volume amounted to approximately 779 billion. Currently, at the time of writing, the exchange inflow volume is around 355 billion, indicating a higher influx of tokens than the outflow.
Analyzing the circulating supply in-depth has provided insightful information regarding the prospective effects by focusing on the whale’s current actions and transaction volume. According to our data, the existing circulating supply of the asset surpassed 391 trillion.
Moreover, the volume over the past 242 hours ranged from around 16% to 20%. This indicates that although the whale’s move garnered attention, it did not significantly impact the overall trade volume of PEPE.
