677 billion PEPE tokens moved: What’s cooking?

10 months ago 60

  • The frog-themed memecoin has mislaid astir 11% successful the past 7 days.
  • Whales added connected to their PEPE holdings amidst the downtrend.

The turbulent satellite of memecoins tin adjacent trial the resilience of immoderate of the grittiest traders successful the market. Fathom this – Pepe [PEPE], which exploded 396% upon its blockbuster listing connected Binance successful aboriginal May, has been trading successful the reddish implicit the past week, arsenic per CoinMarketCap.

Is your portfolio green? Check retired the PEPE Profit Calculator

The frog-themed memecoin mislaid astir 11% successful the past 7 days starring up to a property clip worth of $0.00000133. With this, the monthly losses mounted to 13%.

While the displacement successful momentum could person ruined the strategies of traders, immoderate intriguing developments person travel to light, according to on-chain data.

PEPE investors eyeing thing big?

According to a tweet by Lookonchain dated 27 July, a astute wealth capitalist extracted 677 cardinal PEPE tokens from Binance astatine a buying terms of $0.000001385. At property clip value, the transaction was worthy $901K.

A SmartMoney deposited 500 $ETH ($937K) to #Binance and retreat 677B $PEPE ($941K) an hr ago, the buying terms is $0.000001385.

He spent 100 $ETH ($187K) to bargain 134B $PEPE connected May 1 and withdrew 122B $PEPE ($130K) from #OKX 12 hours earlier #Binance announced listing $PEPE. pic.twitter.com/rbWlxECAZc

— Lookonchain (@lookonchain) July 27, 2023

“Smart Money” is simply a word mostly utilized for well-informed and experienced investors, having a amended knowing of the marketplace vis à vis retail investors. This cohort has entree to a larger excavation of superior and a way grounds of profitability.

In the latest scenario, their moves tin awesome a batch of things. Because of sliding PEPE prices, this peculiar capitalist astir apt bought the dip successful hopes of bigger returns successful the adjacent term. Considering the past of memecoins, this mightiness crook retired to beryllium a bully strategy aft all.

The different deduction was rooted successful the past actions of the trader. It was revealed that the astute wealth capitalist went into an accumulation spree successful the days starring up to the memecoin’s listing connected Binance.

In fact, conscionable 12 hours earlier Binance’s authoritative announcement of the listing, astir 122 cardinal PEPE tokens were withdrawn.

Read Pepe’s [PEPE] Price Prediction 2023-24

Going by past behavior, this enactment by astute wealth seemed to suggest that a large determination for PEPE was astir the corner. However, it was not wide what the trigger could be.

Exchange proviso falls

Data from Santiment corroborated the findings made above. Most ample holders of PEPE made usage of the dip successful prices implicit the past week and added connected to their holdings. Supply held by non-exchange addresses exhibited a stark divergence with the terms action.

Source: Santiment

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