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PEPE Whales Move $21 Million Coins Here Are Destinations
PEPE whales traded a lot of memecoin yesterday, according to on-chain statistics. These tokens are going here.
PEPE whales were online today.
Last day, Whale Alert reported two huge PEPE trades in a few hours. Both of these actions are characteristic of whales, who may impact the market due to their massive transfers.
Their network position may affect bitcoin prices, thus their movements should be watched. What these investors wanted to accomplish determines how their transfers may affect the asset.
As seen, this PEPE whale transaction's sending address was an unknown wallet, unaffiliated with any centralized platform like an exchange. These wallets are generally investors' self-control addresses.
However, Binance is associated with the receiving address. This suggests that the whale transferred 1,238,332,920,144 PEPE (worth approximately $10.5 million at the time) from their wallet to the exchange.
Such transfers are exchange inflows. When investors wish to sell on these platforms, they make exchange inflows. Thus, exchange inflows may hurt prices.
Given the size of the transaction, PEPE may suffer if the whale made the deposit to sell. However, the second transaction from today is an exchange outflow, which is good news for meme coin investors.
In this transaction, this PEPE whale shifted money from Binance to an unknown wallet. Long-term investors shift to personal addresses since it's safer outside central entities' control. Possibly, this whale will HODL these currencies.
Interesting, this trade involves 1,241,850,000,000 PEPE ($10.5 million), identical to the exchange influx. Since the same trade is engaged in both, the same whale may be responsible.
But because the addresses don't match, it's still unclear. In principle, an equal-sized exchange outflow hours following the influx should offset any negative consequences.
PEPE is now trading at $0.000008445479, up 21% in a week.
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