- A PEPE whale recently took $2 trillion off the market.
- PEPE added 6% in value as it continued an upward trend.
Although Pepe [PEPE] fever may have subsided, new data suggest certain whales are still actively involved in the game. The question remains: how important could this latest whale move be to the token’s trajectory?
How much are 1,10,100 PEPEs worth today?
Pepe Whale moves assets off the stock exchange
Look at chain data has revealed an intriguing development involving one of the Pepe whales. On July 5, the whale performed a substantial maneuver by withdrawing 2 trillion PEPE tokens from Binance, amounting to an estimated value of $3.28 million.
The same whale had previously withdrawn 1.93 trillion tokens, worth about $3 million, from the same exchange earlier in June. Currently, the whale’s addresses hold a total of 3.94 trillion PEPE tokens, equating to an estimated value of $6.45 million at the time of writing.
The whale retreated 2T $PEPE($3.28 million) of #Binance again 30 minutes ago.
And currently has 3.94T $PEPE($6.45 million).https://t.co/SgQouPAfPU pic.twitter.com/yeviwRSimI
— Lookonchain (@lookonchain) July 5, 2023
This whale’s recent actions spark curiosity about the potential impact on the token’s trajectory.
An analysis of the inflow and outflow
A thorough survey of the PEPE current on Santiment has revealed the major impact of the whale’s movement on July 5. According to Santiment’s outflow chart, the exchange’s outflow volume reached nearly 3 trillion on that day. This outflow volume was the second highest in July to date, rising over 6 trillion on July 3. At the time of writing, the outflow volume fluctuated around 15.8 billion.
Source: Sentiment
Conversely, when observing stock market inflows, there was found to be relatively lower volume over the same period. On July 5, the volume was about 779 billion. At the time of writing, the stock exchange’s inflow volume was approximately 355 billion, indicating higher inflows than outflows.
PEPE’s current circulating supply
Analysis of current whale movements and transaction volume, as well as a closer examination of circulating supply, provided insight into the potential impact. Market capitalization of coins data showed that the current circulating supply of the asset exceeded 391 trillion.
In addition, given the volume over the past 242 hours, it fell within the range of about 16% to 20%. This suggested that while the whale movement was notable, it did not substantially impact PEPE’s overall trading volume.
Realistic or not, here is PEPE’s market cap in BTC terms
PEPE price trajectory
PEPE experienced a significant decline of about 90% after launch and remained relatively stable. However, towards the end of June, there was a notable increase in the price, putting it in a new price range.
At the time of writing, it had registered a 6% increase in value and was trading above its short moving average (yellow line). In addition, it was bullish, as evidenced by the Moving Average Convergence Divergence (MACD) indicator trending above zero.
Source: TradingView