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As the broader crypto market experiences profit-taking, a significant whale movement has caught the market's attention. According to on-chain analytics platform Lookonchain, a crypto whale withdrew a staggering 1.5 trillion PEPE tokens, worth nearly $13.3 million, from Binance hours ago.
The whale, whose wallet reportedly holds $147 million in assets, executed the massive withdrawal while the cryptocurrency market experienced slight selling. PEPE, a popular meme coin based on the iconic internet frog meme, was trading in the red, seeing slight losses in the last 24 hours.
While the motive behind the withdrawal remains unclear, such large movements often spark speculation about potential market strategies. Withdrawals typically signal buying, while deposits might imply selling.
At press time, PEPE was down 1.93% in the last 24 hours to $0.00000891.
Crypto market faces sell-off
The crypto market is seeing profit-taking in the early Wednesday session ahead of key data releases, causing a wider market retreat that led to over $238 million in positions liquidated.
Nearly $238 million of leveraged derivatives trading positions across all crypto assets occurred in the past 24 hours, with the majority being longs betting on higher prices, CoinGlass data shows.
On Wednesday, investors are awaiting a slew of key economic data. Investors are keenly anticipating a batch of fresh economic data that will provide insights into the health of the U.S. economy amid recession fears.
In addition, the personal consumption expenditures price index for March, the Federal Reserve's favored inflation gauge, is due shortly after 10 a.m. ET. Dow Jones economists see no gain in March and a headline inflation rate of 2.2%.
Vladislav Sopov
Dan Burgin