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PEPE Drama: $12.3 Million Transfer to Binance Raises Eyebrows

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Tue, 18/06/2024 - 14:28
PEPE Drama: $12.3 Million Transfer to Binance Raises Eyebrows
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A recent report from Whale Alert reveals that 1,158,893,534,074 PEPE tokens, equivalent to approximately 12.34 million USD, were transferred from an undisclosed wallet to Binance, the world's largest cryptocurrency exchange.

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What is known about the sender address? Initially labeled as unknown, the sender address "0x835" has since been identified as belonging to Binance itself. This transfer of the meme coin, valued at over $12.3 million, was simply an internal move between Binance's cold wallets.

The remaining balance of 6.78 trillion PEPE tokens, worth about $71.73 million, remains in the sender's address, while the destination address now holds 20.257 trillion PEPE tokens, equivalent to $211.48 million.

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Source: Arkham Intelligence

 

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Despite the transfer being an internal administrative action, it attracted significant attention to PEPE. Traditionally, such movements toward exchanges are viewed negatively by market participants, often interpreted as a bearish signal. 

However, in this case, the transfer was between Binance's own wallets, not from an external whale investor.

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PEPE to USD by CoinMarketCap

The impact of this transfer on PEPE's market performance remains unclear, but the popular meme cryptocurrency has already experienced a decline of more than 16% since the beginning of the week.

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