- Binance transferred $14.75 million worth of PEPE between hot wallets.
- Dormant holder sells 10 billion PEPE coins for $112,000
- $2.75 million worth of PEPE long positions were liquidated as a result of derivatives liquidation.
PEPE has spent most of this year climbing the global cryptocurrency rankings, but the frog-themed meme coin’s double-digit gains are usually followed by sharp corrections in the cryptocurrency markets.
Binance prepares PEPE for massive market activity
As the overall cryptocurrency markets witnessed a full-blown decline this Wednesday, PEPE was not spared from the bear market either. As Bitcoin (BTC) briefly fell below $60,000 for the first time since June 24, PEPE lost 11% of its value in the last 24 hours.
However, the increased trading activity suggests that major players are waking up to increase their PEPE holdings or take profits. Ahead of the massive wave of PEPE trading activity, Binance shuffled a huge amount of PEPE coins between hot wallets.
Yesterday, the exchange moved 1,286,733,285,955 PEPE tokens from a crypto address, raising the eyebrows of crypto analytics and whale tracking agencies. ‘Binance 28’ to ‘Binance 70.’
Several media outlets incorrectly reported the transaction as an inter-sovereign transaction. Dailycoin It took me a while to verify that the funds were actually transferred between Binance’s two active hot wallets.
Early Buyers Sell $10 Billion: Has PEPE Peaked?
Whale activity on PEPE has produced another surprise today. According to SpotOnChain, dormant cryptocurrency addresses have returned after a 10-month hiatus and sold off a significant portion of their PEPE holdings.
Identified as a password whale ‘Dimethyltryptamine.S’ He sold 10 billion PEPE coins for 32.73 Ether (ETH), making $112,000 in the process. This major crypto player is the ‘smart money’, having recorded a PEPE return of $26.7 million from an initial investment of $45,000.
Trading in the PEPE derivatives market has piled up with over $3 million in liquidations. Of the total $3.06 million liquidations, $2.71 million were lost to long holders. With a price drop of 11% in 24 hours, short sellers still face liquidations of $350,000 in leveraged positions. The derivatives volume has flashed a new wave of interest, up 73% in 24 hours, but the market price of PEPE continues its downward trend.
At the time of publication, PEPE is trading at $0.0000102, with a monthly loss of 32.2%. Having plummeted to a new monthly low, PEPE could potentially be bought by major holders, as 78% of PEPE token holders are currently profiting at this price.
On the other side
- According to the latest liquidity data from CoinPaprika, despite the downtrend, PEPE coin has not yet faced any selling pressure on the spot market.
- According to the consolidated liquidity ledger, PEPE had slightly more entries than sales over the 24-hour period, with bids of $2.65 million and sales of $2.3 million.
Why this matters
Cryptocurrency exchanges that move cryptocurrencies between hot wallets are generally responding to demand related to tokens.
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