On Monday, a Pepe coin whale sold over 1 trillion $PEPE to the Binance crypto exchange. Recent data on the blockchain has raised concerns about the bearish period of the frog meme coin.
A recent report on Whale Alert revealed that a Pepe Coin holder moved 1.27 trillion coins worth $11.51 million to Binance on October 28. The transfer reportedly fueled negative market sentiments around the frog-themed coin.
Pepe Coin Whale transfers PEPE to crypto exchange, Binance
CoinMarketCap data revealed that Pepe Coin experienced over 4% decline in the 24 hours after the transfer. Weekly charts also revealed that the coin recorded a 13% decline in the past week.
As of this writing, the meme coin is trading at $0.058634, with a $0.059257 peak in the last 24 hours.
🚨 1,279,959,528,068 #PEPE (11,510,036 USD) transferred from unknown wallet to #Binancehttps://t.co/qlK9P64wo4
— Whale Alert (@whale_alert) October 28, 2024
As per Whale Alert data, an unknown address, 0x3….dc8, transferred the PEPE coins, sparking sell-off discussions among cryptocurrency traders. The massive sell-off has alarmed traders on Pepe’s bearish run.
Despite the increased investor apprehensiveness, Coinglass data revealed a 5% rise in the meme coin’s open interest to over $130 million. The analyst also indicated the asset’s derivatives volume had increased to $ 381 million.
The data suggested increased investor interest amid the plummet and massive transfers. Additionally, Etherscan data also indicated Pepe Coin holders increased in the past few days to over 296,000 addresses. Market analysts noted the stark contrast in this data, which could suggest that the coin could record a rise in the near future.
