Binance Moves 1.28 Trillion PEPE Coins in Major Wallet Shuffle Amid Market Turbulence

Amidst market-wide turbulence, PEPE has seen over 1.28 trillion tokens shuffled on Binance as investors race to accumulate them.

PEPE has become the third-largest meme coin in the industry after reaching an all-time high earlier this year.

The cryptocurrency market has witnessed a turbulent couple of days led by Bitcoin, but with altcoins taking the biggest hit. Large-cap meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE coin have been significantly impacted. A majority of these transactions have taken place on the Binance exchange, indicating renewed interest in the coin.

Notably, major players have been re-entering the picture and accumulating PEPE. Whale tracking agencies have highlighted the substantial transactions occurring. One notable move was the transfer of 1,286,733,285,955 PEPE tokens from a crypto address dubbed 'Binance 28' to 'Binance 70'.

A whale identified as 'dimethyltryptamine.eth' has resurfaced after ten months of inactivity. According to SpotOnChain, the whale sold 10 billion PEPE coins for 32.73 Ether (ETH), netting a profit of $112K.

The actions of large investors and long-term holders will significantly impact the coin's value. Currently, approximately 78% of current holders are in profit at the current price.

PEPE traders on derivatives markets have experienced over $3 million in liquidations, with $2.71 million for traders who held long positions and $350,000 for those who held short positions. Despite a 73% increase in derivatives trading volume over 24 hours, suggesting renewed interest, PEPE's price has continued to decline.

At the time of writing, PEPE is trading for $0.000009566 after a 7% drop in the last 24 hours. The Altcoin has extended its weekly losses by 23% amidst the market turbulence. However, its trading volume has surged by 44%.

With a market cap of just over $4 billion, PEPE has become the third largest memecoin in the market after Dogecoin (DOGE) and Shiba Inu (SHIB), which are ranked 10th and 14th, respectively.

Data from CoinPaprika suggests that PEPE Coin isn't experiencing significant selling on regular trading markets, with more buy orders than sell orders being placed. However, on-chain data and technical indicators suggest a potential price drop, signaling a possible further decline in the value of the coin.