Recent data indicates that a prominent Pepe investor has withdrawn a significant amount from Binance within the last 24 hours, coinciding with an impressive rise in the memecoin’s value over the past week.

Noteworthy Withdrawal by PEPE Whale on Binance Today

As reported by the cryptocurrency tracking platform Whale Alert, a substantial transaction was detected on the Pepe network recently.

This particular transfer involved approximately 1.79 trillion Pepe tokens, valued at around $26.6 million at the time of the transaction. Given the significant volume of this transfer, it’s likely orchestrated by a major investor.

Whales, those influential investors with considerable capital, often have an impact on market dynamics, making their movements worth monitoring. While one whale’s action may not immediately influence the price, it can provide insights into the overall sentiment among major holders.

Typically, analyzing transaction data has its limitations, as many wallets are anonymous. However, in this case, the whale’s transfer involves a wallet that has already been identified.

Here are the details of this transaction:

The initiating wallet for this Pepe transaction belongs to Binance, while the receiving address remains unknown, suggesting it likely transfers to the whale’s personal wallet.

These types of transactions, where cryptocurrencies leave centralized exchanges, are termed exchange outflows. Generally, investors withdraw to private wallets when they intend to hold assets long-term, which can indicate bullish sentiment for the asset’s price.

This significant outflow aligns with Pepe experiencing a remarkable price increase in the past week, outperforming many other cryptocurrencies.

While it’s common for whales to sell in response to a price surge, seeing one remain committed to holding onto Pepe is a favorable indicator.

In related news, Bitcoin, the leading cryptocurrency, has also witnessed outflows from whales recently. Institutional DeFi provider Sentora (formerly IntoTheBlock) shared this in an X post.

“As Bitcoin surpassed $100K last week, exchange flows turned negative,” states Sentora. “On Friday alone, over $550 million was withdrawn, highlighting strong accumulation pressure.”

Current Price of PEPE

As of now, Pepe is trading at approximately $0.0000135, reflecting a rise of more than 70% over the past week.