- A new wallet withdrew 309.6B PEPE tokens worth $6.45M from KuCoin, highlighting whale activity in crypto markets.
- PEPE gains attention with whale transactions, exchange listings, and unique deflationary features appealing to Japanese investors.
In a huge move in the crypto market, a newly established wallet withdrew a remarkable 309.6 billion PEPE tokens, worth about $6.45 million, from KuCoin over the past few hours, according to SpotOnChain. These transactions had an average price noted as $0.00002082 per token.
Analysts and investors both have taken notice of this remarkable movement since it emphasizes how token dynamics are affected by so-called “whale” operations. Such significant withdrawals sometimes make one wonder about the reasons and methods of these mass investors.
Big $PEPE accumulation!
Someone created a new wallet 13 hours ago and has since withdrawn 309.6B $PEPE ($6.45M) from #KuCoin at an average price of $0.00002082.
Follow @spotonchain and track the whale live at https://t.co/W6LBhGQdkj pic.twitter.com/0y2BRvcUIQ
— Spot On Chain (@spotonchain) November 22, 2024
Whale Activity and Its Implications for PEPE
Usually, the act of moving such a large number of tokens from an exchange indicates either one of two options: either the whale plans to retain the assets long-term in a secret wallet, or they are getting ready for other usage, such as staking or over-the-counter sales. Both situations might affect PEPE’s near-term liquidity and price path.
Historical trends provide the possibility of market changes after whale activity validity. A similar incident happened earlier this year in March when 2.63 trillion PEPE tokens valued at $21.1 million were moved from KuCoin to an unknown wallet.
Emphasizing the impact that big transactions can have on market mood and value, that movement corresponded with a major PEPE price correction.
Tracking these whale movements is absolutely vital for PEPE aficioners and investors. Such action is sometimes a first hint of substantial changes in the market. Though their effect on the larger PEPE ecosystem is indisputable, whether these transactions point to a future price spike or a period of more volatility is still to be seen.
Meanwhile, PEPE is trading at about $0.00002143 at the time of writing, recovering more than 5% over the last few hours as the token tries to rebound after a multi-day correction.
As CNF has reported, PEPE had a dramatic price surge after its listings on notable exchanges including Coinbase, Upbit, and Robinhood. Furthermore, BitPoint Japan’s listing of PEPE represents a significant milestone as the first licensed memecoin trading platform available to Japanese investors.
