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.
Another whale withdrew 322.87B $PEPE($3.24M) from #Binance 1 hour ago.https://t.co/8noke9PJEihttps://t.co/asU6ws2Yhw pic.twitter.com/70bCNowBa4
— Lookonchain (@lookonchain) October 12, 2024
Memecoin Whale Ignites Speculations by Extracting 322.87B $PEPE
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 redeemed 101.8 billion $PEPE just a day ago. In addition to this, the whale also extracted 83.68B $SHIB at that time.
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.
The Huge $PEPE Withdrawal May Indicate a Self-Custody or Strategic Market Positioning
The abrupt extraction of $PEPE, as the token has a small market capitalization, can usually sway the market greatly. Such big withdrawals from Binance and other such centralized exchanges 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.
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