Binance Liquidates $3M in PEPE Coins, Reshuffles 1.28T Tokens in Latest Move

Binance shuffled $14.75 million worth of PEPE between hot wallets, while a long-dormant holder emerged to offload 10 billion PEPE Coins for a mere $112K. Further, derivatives liquidations eliminated $2.75 million in long PEPE positions. Despite PEPE’s significant gains in the global crypto rankings this year, its double-digit rallies are often followed by sharp market corrections, signaling a potential turning point. Stay tuned for updates on this frog-themed meme coin’s volatile journey.

• Binance Prepares PEPE for Significant Market Moves
• PEPE’s Early Buyer Sells 10B: Is It Peaking?
• Whale Dumps $112K Tokens, Market Downtrend Continues
• Flipside Perspectives

Binance Prepares PEPE for Significant Market Moves

Amid the recent crypto market turmoil, Binance has strategically positioned itself to capitalize on potential market moves with its handling of the PEPE token. As Bitcoin’s (BTC) price briefly dipped below the $60K mark for the first time since June 24th, PEPE was not immune to the bearish sentiment, suffering an 11% decline in value over the past 24 hours. However, the spike in trading activity surrounding PEPE suggests that major market players are now poised to either increase their holdings or seize on potential profits.

At the forefront of this trading frenzy, Binance has been actively shuffling significant volumes of PEPE tokens between its hot wallets. Yesterday, the exchange made headlines as it transferred a staggering 1,286,733,285,955 PEPE tokens from the ‘Binance 28’ crypto address to ‘Binance 70.’ This massive transaction initially raised questions among crypto analytics and whale tracking agencies, leading to some media outlets misinterpreting it as a sovereign entity transaction. However, DailyCoin has confirmed that the transfer was indeed a strategic move between two of Binance’s active hot wallets.

PEPE’s Early Buyer Sells 10B: Is It Peaking?

In a surprising turn of events, a once dormant cryptocurrency address associated with PEPE has awakened from a ten-month slumber to offload a significant chunk of its holdings. According to SpotOnChain, the notable crypto whale known as ‘dimethyltryptamine.eth’ has recently sold off 10 billion PEPE coins for a handsome sum of 32.73 Ether (ETH), translating to a profit of approximately $112K.

This strategic move by a seasoned crypto investor, often referred to as ‘smart money,’ showcases their astute market insight and ability to capitalize on opportune moments. Their impressive returns of $26.7 million from an initial investment of just $45K further solidify their status as a major player in the crypto world.

The trading activity surrounding PEPE on Derivatives markets has also been noteworthy, with over $3 million in liquidations recorded. Specifically, long position holders have borne the brunt of the market movements, with $2.71 million being wiped out. Despite the 11% price dip over 24 hours, short-sellers have still faced substantial losses, totaling $350K in leveraged position liquidations.

Despite the recent volatility and downward pressure on PEPE’s market price, a silver lining emerges from the current situation. Trading volume on Derivatives has spiked, indicating a renewed interest in the token. This upswing of 73% in 24 hours suggests that investors are actively engaging with PEPE, potentially signaling a revival in the making.

Whale Dumps $112K Tokens, Market Downtrend Continues

• The Pepe coin has witnessed a 39% decline in price since late May, falling to $0.00001048.
• Despite the downturn, the PEPE price remains above the 50% Fibonacci retracement level, indicating a bullish long-term trend.
• A major whale, dimethyltryptamine.eth, sold 10 billion PEPE tokens worth $112,000, hinting at a possible further price decline.
• This whale had previously transformed a $45,000 investment into $26.7 million, demonstrating the profitability of early investments in Pepe coin.
• A breakout from the current flag pattern resistance could end the correction trend and potentially lead to a rally surpassing $0.0000135.