The Pepe Coin whale has raised market concerns with its massive transfer to Binance. The whale’s transfer increased negative market sentiments amid a bearish trend for the meme coin. However, some market statistics suggest that the cryptocurrency could see potential gains ahead.
PEPE whale dumped more than 1 trillion coins to Binance!
As you follow from Kriptokoin.com, the market started the new week with a strong move. In this process, some meme coins came to the fore. However, some meme tokens were hit hard by whale sales. Whale monitoring platform Whale Alert showed that a Pepe Coin whale transferred 1.27 trillion coins worth $11.51 million to Binance. According to the data, the unknown address 0x3…dc8 shifted a large chunk of PEPE to Binance. This, in turn, raised selling concerns among market participants for the meme coin.
When whales lose confidence in an asset’s earning potential, it is a negative situation in the market. Because, this situation arouses a sense of anxiety among traders and investors. However, it is worth noting that the address still holds 208.26 billion PEPE worth $1.87 million. This adds intrigue to the issue. Meanwhile, other tokens available at the same address include 25 tokens such as Fantom (FTM), Worldcoin (WLD) and Shiba Inu (SHIB). Overall, the massive drop, which brought additional selling pressure to the asset, started bearish waves for meme coin.
Meme coin price continues to fall
Simultaneously, PEPE price fell by 4.35% on a daily basis to $0.000008725. Thus, despite the positive mood in the market, it exhibited a highly volatile movement. The 24-hour low and high of the cryptocurrency were $0.000008725 and $0.000009257, respectively. In particular, PEPE saw a 14% drop in value on the weekly chart. On the monthly chart, it lost about 21.3% altitude. The bearish movement of the cryptocurrency, along with the aforementioned whale dump, also disrupted investor sentiment.
Some metrics are green for PEPE!
However, Coinglass data showed a 5% increase in the cryptocurrency’s futures OI to $130.28 million. Also, derivatives volume for the meme coin rose 26% to $381 million. This data indicates that investors’ interest in the asset has increased slightly despite the bearish factors we mentioned.
In addition, the latest Etherscan data shows that Pepe Coin holders have been steadily increasing in recent days. According to the data, approximately 296 thousand addresses are coin holders. This reflects strong market confidence in the asset. This data is in stark contrast to the whale dump. It also indicates that the token could see potential gains in the future, according to analysts. Analysts note that the token’s supply on exchanges has recorded a significant decline. He also assesses that the emerging bull price trajectory for the meme coin contributes to their sentiments. Market observers continue to monitor PEPE for future price movement changes.
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