As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market movements and strategies. The recent 1.48 trillion PEPE tokens withdrawal from Binance by a wallet associated with Ceffu has certainly piqued my interest.
Based on blockchain information, it appears that approximately 1.48 trillion PEPE tokens were withdrawn from the leading cryptocurrency exchange, Binance, in a significant move. This substantial transfer is thought to have originated from a wallet associated with the institutional crypto asset manager, Ceffu.
According to the on-chain data provider Lookonchain, a wallet linked with Ceffu has recently transferred approximately 1.48 trillion PEPE tokens valued at around $11.6 million from Binance.
The withdrawal was carried out in two separate transactions: the first involving one trillion PEPE tokens, followed by an additional 480 billion PEPE tokens. This move has sparked considerable interest and speculation within the crypto community.
Making withdrawals from exchanges typically suggests a plan to purchase, whereas depositing funds could indicate a desire to sell.
Besides purchases, significant withdrawals like these frequently indicate diverse investment tactics, such as moving funds into cold storage for long-term storage. The specific reasons behind this substantial withdrawal are largely conjectural.
PEPE price action
After climbing for six consecutive days, PEPE experienced a drop following its peak at $0.000009847 on August 24th, due to profit-taking.
For the past three days, PEPE experienced a downturn, but by the end of Wednesday’s trading, it started to regain momentum and move upward. The lowest point for PEPE was at $0.00000734 during that session, but it eventually picked up again.
At the start of this week, PEPE‘s price experienced a fall, which mirrored the general downturn in the cryptocurrency market. The exact reason behind this drop, initiating on Tuesday evening following a 6% decrease in Bitcoin within an hour, remains unclear at present. However, some speculators suggest it could be due to futures market liquidations and persistent selling from Mt. Gox distributions and U.S. government holdings.
This August, typically known for its tranquility regarding cryptocurrencies and risk assets generally, has shown remarkable volatility in 2023. Yet, it’s important to note that even bull markets can cause temporary declines in the value of cryptocurrencies. Interestingly, among these digital assets, PEPE is one that has seen a resurgence.
Currently, as I’m typing this, PEPE has increased by 1.84% over the past 24 hours to reach $0.00000786. If this upward trend continues, PEPE could aim for its daily moving averages at 200 and 50, which are approximately $0.00000877 and $0.0000095 respectively. If these significant levels are surpassed, including the significant threshold at $0.00001, PEPE might initiate a new bullish surge.
On the other hand, support is envisaged at $0.0000068 and $0.0000058 in the event of a downturn.
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2024-08-29 13:38