A major shift in PEPE coin’s trading volumes

A major shift in PEPE coin’s trading volumes hit the market on 30 April, when a crypto whale withdrew 1.5 trillion PEPE tokens from Binance. These tokens were worth around $13.3 million at the time of the transfer according to LookOnChain, and have raised eyebrows across the market.

Not only does this move represent a major liquidity shift, it also shows the ongoing spike in memecoin trading volumes. Here’s what this whale movement means for $PEPE coin and its investors.

Whale Moves $13.3 Million Worth of PEPE

In an update via Twitter (X) posted recently, LookOnChain revealed that the wallet that received this transaction has about $147 million in crypto assets. The 1.5 trillion PEPE coin withdrawal is reportedly done in one transaction from Binance to a private wallet address (0x3c9e…), according to on chain records.

At the time of withdrawal (around 10:00 AM UTC), PEPE coin’s price was trading at $0.00000887 and was already showing a slight gain of 2.3% over the previous 24 hours.

This large withdrawal from a CEX often implies that the whale in question is looking towards a long-term HODLing strategy, or is getting ready for decentralized trading. Either way, this development has removed strong selling pressure from Binance, and is a major signal of bullish sentiment.

PEPE Coin’s Trading Volume Surges on Whale Activity

The whale withdrawal wasn’t an isolated event. PEPE cion’s trading volume jumped by 18% within this 24-hour window and hit a high of $1.2 billion across all major exchanges.

Binance alone saw around $420 million of that activity, or roughly 35% of the global volume. In addition to this, buy orders for PEPE/USDT spiked by 15% in the two hours after the whale’s move.

As such, there is ongoing speculation that the withdrawal may have triggered a surge in retail buying activity. Binance’s on-chain data even shows that its total PEPE coin holdings dropped by about 7% after the withdrawal. This kind of reduction in token supply is highly bullish, and has directly caused upward price reactions for many cryptocurrencies in the past.

What This Means For Pepe’s Price

By 1:00 PM UTC, PEPE coin’s price touched $0.00000915, almost a 3% gain in three hours. But seasoned traders are wary of jumping in, given that the whale in question might be cashing out on other platforms like Uniswap or SushiSwap.

The withdrawal happened right when Bitcoin itself was in the middle of an upswing. Historically, meme coins like PEPE have always had a strong correlation with Bitcoin’s price action.

From a technical perspective, the RSI (Relative Strength Index) on the 4-hour chart now sits at 62, and is approaching overbought territory. Overall, If PEPE breaks above $0.00000950 with strong trading volumes, it could open the path towards a test of the $0.00001 level. On the other hand, a failure to hold $0.00000850 could trigger a pullback, which could be bad for PEPE coin’s price if the general market’s outlook sours alongside.