Pepe

<p>In a noteworthy development in the crypto sector, a whale has recently extracted a substantial 322.87B $PEPE coins from Binance. As per Lookonchain, a popular on-chain analytics platform, the whale reportedly withdrew $3.24 in $PEPE tokens from the crypto exchange only one hour back. The analytics provider took to its official social media account on X to disclose this significant development.</p><h2 id="header-0">Memecoin Whale Ignites Speculations by Extracting 322.87B $PEPE</h2><p>In its recent X post, Lookonchain pointed out that the whale’s withdrawal of up to 322.87 billion $PEPE tokens was influential. Thus, this development can impact the overall market to a great extent based on the large size of the withdrawal. Before this, a whale has <a href="https://blockchainreporter.net/memecoin-whale-withdraws-2-49m-in-shib-and-pepe-from-binance/" rel="noopener noreferrer nofollow">redeemed</a> 101.8 billion $PEPE just a day ago. In addition to this, the whale also extracted 83.68B $SHIB at that time.</p><p>Despite redeeming the above-mentioned token amounts, the whale still owned 964.17B $PEPE tokens. Apart from that, the whale also possessed 456.62B $SHIB tokens. However, the further development regarding the $PEPE withdrawal is significantly impactful. This major token withdrawal has paved the way for the likely questions about the possible consequences.</p><h2 id="header-1">The Huge $PEPE Withdrawal May Indicate a Self-Custody or Strategic Market Positioning</h2><p>The abrupt extraction of $PEPE, as the token has a small market capitalization, can usually sway the market greatly. Such big withdrawals from <a href="https://binance.com/" rel="noopener noreferrer nofollow">Binance</a> and other such <a href="https://blockchainreporter.net/glossary/centralized-exchange-cex/" rel="noopener noreferrer nofollow">centralized exchanges</a> may imply the whale’s move toward self-custody. The big crypto holders often do this to denote long-term holding. On the other hand, a few market members may speculate on a likely strategic market positioning.</p>

Whales Extracts 322.87B $PEPE from Binance, Sparking Speculation

Table of Contents

BlockchainReporter

Other articles published on Oct 12, 2024

Altcoin Whale Profits $14M on $SPX Trade After Major Selloff

Solana Sees Spike in Daily Active Addresses: How Will It Affect SOL Price?

The Red Flags Behind Ripple Co-founder $1M Donation to Kamala Harris Campaign

These 4 Altcoins Could Transform $500 Into $5 Millions by 2026—Why Analysts See This Token as the...

Bullish Trends Revisit the Crypto Market After CPI Release

XRP Futures Bring the SEC to the Court Against Bitnomial

Join our free newsletter for daily crypto updates!