Whale Withdraws Over Half a Trillion PEPE Worth Nearly $8,000,000 From Binance As Memecoin Soars

A deep-pocketed crypto entity has been observed abruptly withdrawing over half a trillion Pepe (PEPE) as the memecoin experiences a surge, as per on-chain data.

Blockchain tracking firm Lookonchain detected that the crypto whale withdrew 592 billion PEPE from Binance, the foremost crypto exchange globally, which held an approximate value of $8 million at the time of the transaction.

"A whale withdrew 592 billion PEPE ($7.95 million) from Binance [on May 22nd], likely acquired during the price increase over the past two days."

Source: Lookonchain/X

At the time of writing, Pepe is trading at $0.0000137, marking an 11.5% rise in the past 24 hours and a 108% increase within the last month.

Certain analysts, including the pseudonymous crypto analyst Altcoin Sherpa, have recently adopted a bullish stance on Pepe.

"If you're seeking a large-cap meme to invest in, I believe PEPE is a viable option, with good liquidity and substantial volume. In my opinion, it's catching up to the others a bit – not suggesting it'll surpass Doge or anything, but it should experience a relatively greater increase. Long in the green boxes."

Source: Altcoin Sherpa/X

Examining his chart, the analyst suggests that Pepe might retest two trading ranges on the downside, including the ranges between $0.00001300 to $0.00001200 and $0.00001150 to $0.00001100, before experiencing another rally.

However, another prominent analyst, DonAlt, cautions that popular memes like Pepe could face a sudden collapse in value exceeding 80%, based on data from previous cycles.

"If I'm correct, the prevalent memes we trade today will trade 80%+ lower. Then, new memes will emerge, fostering new communities that experience gains. And we'll have similar discussions in a few years."

Source: https://thebittimes.com/whale-withdraws-over-half-a-trillion-pepe-worth-nearly-8-000-000-from-binance-as-memecoin-soars-tbt89338.html