Crypto Whale Sends Over $10.5 Million in Pepe to Binance: Price Impact

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A crypto whale, with the wallet address 0x1a2, deposited a staggering 1.238 trillion Pepe (PEPE) tokens to Binance.

This considerable transaction involved an intermediary wallet, 0xDe8, suggesting a meticulously planned move that unfolded within a few days.

How Crypto Whale Traded Pepe

The activity began on May 4 and May 5 when the crypto whale initiated a large-scale accumulation of Pepe. They first withdrew 915.85 billion PEPE tokens from Binance, valued at roughly $7.75 million.

These tokens were purchased at a rate of $0.00000846 each. Within the next 28 hours, the pace intensified. The crypto whale secured an additional 1.238 trillion PEPE tokens, culminating in a total investment of $10.4 million.

This sequence of moving funds from a centralized exchange to a personal wallet and then back to Binance indicates a strategic play. The crypto whale aimed to capitalize on potential market fluctuations for profit.

If the crypto whale opts to sell at the current price of $0.00000841 per token, they would realize a modest profit of around $134,000. This represents a 1.28% gain after holding the tokens for just three days.

Contrasting with this recent maneuver, the crypto whale’s trading history shows varied results.

“Previously, the whale had gained $146,000 (+14.2%) from one Injective (INJ) trade but lost $118,000 (-8.01%) from one Render (RNDR) trade. The whale did not hold both tokens for long either,” on-chain analysis platform Spot On Chain said.

Despite the significant sell-off, Pepe’s market trend remains bullish. The meme coin is currently navigating a bullish flag pattern. This technical formation is characterized by a sharp initial price surge followed by a period of consolidation.

Such patterns often suggest a continuation of upward momentum. If Pepe successfully breaks out from this formation, its price could increase by 40%, reaching $0.00001186. Conservatively, it can surge up to 28% towards the previous all-time highs at $0.00001081.

Nevertheless, uncertainties loom. If the breakout attempt fails, Pepe might find a support level at $0.00000808. This support could prevent a more substantial price decline.

Investors should keep a close watch on these developments. The actions of such crypto whales might set the tone for broader market dynamics.

The post Crypto Whale Sends Over $10.5 Million in Pepe to Binance: Price Impact appeared first on BeInCrypto.

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