Binance Reshuffles 1.28T PEPE Coins as Liquidations Hit $3M

  • Binance relocated $14.75M worth of PEPE between hot wallets.
  • Dormant holder arrives to sell off 10B of PEPE Coin for $112K.
  • Derivatives liquidations put away $2.75M of long PEPE positions.

PEPE has spent most of this year climbing the global crypto ranks, but the frog-themed meme coin’s double-digit upswings are usually followed by a sharp crypto market correction.

Binance Prepped PEPE for Big Market Action

As the general crypto markets witnessed an all-around drawdown this Wednesday, PEPE wasn’t spared from getting dipped in the bearish sauce. As Bitcoin (BTC) momentarily tumbled below $60K for the first time since June 24, PEPE dropped 11% of its value in the latest 24-hour period.

However, the amplifying trading activity now suggests that major players are waking up to either top up their PEPE holdings or take profits. Precursing the wave of hefty PEPE trading activity, Binance shuffled a huge amount of PEPE coins between hot wallets.

Yesterday, the exchange raised the eyebrows of crypto analytics and whale tracking agencies by moving 1,286,733,285,955 PEPE tokens from a crypto address dubbed ‘Binance 28’ to ‘Binance 70.’

Several media outlets mistakenly identified the transaction as a sovereign entity transaction. DailyCoin took the time to confirm that the transfer was indeed between two of Binance’s active hot wallets.

Early Buyer Sells 10B: Is PEPE Topping Out?

Whale activity on PEPE has produced another surprise today. According to SpotOnChain, a dormant cryptocurrency address has returned after a ten-month hiatus to sell off a large part of its PEPE holdings.

A crypto whale identified as ‘dimethyltryptamine.eth’ sold 10 billion PEPE coins for 32.73 Ether (ETH), making $112K in the process. This major crypto player is ‘smart money’ due to its all-time PEPE returns of $26.7 million from an initial investment of $45K.

PEPE’s trading on Derivatives markets has piled up to over $3 million in liquidations. Out of $3.06M total liquidations, $2.71 million was wiped out for long position holders. During the 11% price dip over 24 hours, short-sellers still faced $350K of leveraged position liquidations. While trading volume on Derivatives has flickered a new wave of interest with a 73% upswing in 24 hours, PEPE’s market price remains in downward momentum.

As of publication time, PEPE is exchanging hands at $0.0000102, bumping into a 32.2% monthly deficit. Flopping to a new monthly low, PEPE can potentially be saved by major holders, as a favorable 78% of current PEPE Token holders are making a profit at this price.

On the Flipside

  • According to CoinPaprika’s latest liquidity data, in spite of the downward spiral, PEPE Coin has yet to face sell pressure on Spot markets.
  • According to the combined liquidity book, PEPE saw slightly more entrances than sales in a 24-hour period, with $2.65M in bids versus $2.30M in sales.

Why This Matters

Crypto exchanges shifting cryptos between hot wallets are usually answering to the demand surrounding the token.

Discover DailyCoin’s trending crypto news:
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Sourced from dailycoin.com.

Written by on 2024-07-03 18:00:00.

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