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According to on-chain data, a massive $1.48 trillion PEPE tokens were recently withdrawn from the world’s largest crypto exchange Binance. This large transaction was executed by a wallet believed to be linked to institutional crypto asset manager Ceffu.
On-chain data provider Lookonchain reports that “a wallet connected to Ceffu just withdrew 1.48 trillion PEPE worth $11.6 million from Binance.”
The payout was made in two separate transactions: the first involved one trillion PEPE tokens, followed by another 480 billion PEPE tokens. This move has sparked significant interest and speculation in the crypto community.
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Withdrawals from exchanges often imply a purchase intent, while deposits may signal a sell intent.
Aside from purchases, large withdrawals like this can often signal various market strategies, including transferring to cold storage for long-term storage. The exact intentions behind this large withdrawal remain speculative.
PEPE price promotion
After six days of gains, PEPE saw profit-taking after reaching a high of $0.000009847 on August 24.
The declines lasted three days before PEPE started to rally again. PEPE slipped to a low of $0.00000734 on Wednesday before recovering.
PEPE’s price drop earlier in the week coincided with general declines in the cryptocurrency market. The cause of the decline, which began Tuesday evening when Bitcoin fell 6% in an hour, was not immediately apparent, although speculators cited liquidations in the futures market and ongoing selling pressure from Mt. Gox distributions and U.S. government holdings.
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August, a normally quiet month for cryptocurrencies and risk assets in general, was particularly volatile this year. However, cryptocurrencies are not immune to setbacks in a bull market, and several digital assets saw a recovery, including PEPE.
At the time of writing, PEPE was up 1.84% over the past 24 hours at $0.00000786. If the recovery continues, PEPE could target its daily moving averages of 200 and 50 at $0.00000877 and $0.0000095, respectively. If these key levels are broken, including the crucial barrier at $0.00001, PEPE could start a new bullish wave.
On the other hand, support is expected at $0.0000068 and in case of a decline at $0.0000058.
