Spot On Chain, a prominent analytical platform, reported a significant cryptocurrency transaction has set the digital currency market abuzz. A multisign wallet made a notable move by transferring all of its holdings of 1.238 trillion PEPE tokens (equivalent to approximately $10.6 million) to the popular exchange platform Binance. This large-scale transfer has immediately impacted PEPE’s market value, resulting in a sharp decline of approximately 5.2%.
The transaction details, disclosed in a recent X post by Spot On Chain, have raised eyebrows across the cryptocurrency community. It happened at around 3:04 AM UTC on Tuesday. Crypto whales are large investors of cryptocurrencies whose moves can often lead to a market shake. According to the analysis, the whale possessed the PEPE tokens for a mere three days. The timing and scale of the transfer suggest a strategic move by the whale, who stood to gain a modest profit of about $134,000, which translates to a 1.28% increase from their initial investment.
This transaction raises a lot of questions about why the transfer was so fast and hefty. Speculation on whether the whale had some information that probably gave him a bearish view on PEPE.
This anonymous whale has always made a single trade and did not hold any tokens for longer terms. Beforehand, the whale had earned $146K (+14.2%) through a single INJ trade but experienced a loss of $118K (-8.01%) from a single RNDR trade.
Moreover, the timing and the method of execution of this deal suggest that the whales may have some information or market analysis that would force them to unwind their positions but for a small profit. This has made other PEPE investors and traders more watchful and closely follow the market to note if any major transaction could imply a trend or market sentiment change. As per the latest data during reporting time, PEPE’s value stood at $0.000008512, with a loss of over 5% in the last 24 hrs. Still, its price is high by 21.86% when compared to the previous week’s price point.
