Altcoin
Whale Bets Big on PEPE and Worldcoin, Price Rally Ahead?
A Pepe coin whale has bet big on Worldcoin and PEPE creating a new wallet and withdrawing assets from Binance exchange. The holder has ignited a spark of positive sentiments amid recent price swings. Flows in and out of centralized crypto exchanges are pivotal to the market’s direction.
Pepe Coin Whale Transfers Assets Off Binance
The Pepe coin whale withdrew 292.97 billion PEPE worth approximately $2.17 million and 273k WLD tokens valued at $391,000 from Binance. The transaction caught the eye of crypto enthusiasts as the asset’s price maintained an upward movement in the last 24 hours. This come after a series of outflows as traders dumped huge holdings due to the flip in macroeconomic conditions.
Someone created a new wallet and withdrew 292.97B $PEPE($2.17M) and 273,267 $WLD($391K) from #Binance in the past 20 minutes.https://t.co/6fN9VpX6TX pic.twitter.com/1vvsjxP4oQ
— Lookonchain (@lookonchain) September 2, 2024
A major reason for the frenzy garnered after this transaction is the impact of centralized exchange on the market. Binance remains the largest crypto exchange by volume with users drawing sentiments from inflow/ outflows coupled with listings.
Traditionally, assets flowing out of exchanges spark a bullish drive as holders intend to keep the crypto for longer periods. On the flip side, flows to centralized exchanges point to an imminent sale largely due to the ease of transactions. This could lead to sell pressures depending on the volumes and sentiments. Pepe Coin is popular for its high flying uphill although recent figures have indicated slow progress amid market conditions. The whale’s big bet shows leanings on the asset’s trajectory.
Price Rally Ahead?
The crypto market still trades sideways after the drop over the weekend. With Bitcoin under $59k, market commentators extend the timeframe for the uphill movements of most tokens. However, Pepe coin remains in the green zone up 1.9% in the last 24 hours. PEPE price stands at $0.0000075 after recent activities although long-term figures remain in the red zone.
As predicted by Coingape analysts today, pepe coin price needs to breakout above $0.00001000 resistance level to set course for $0.00001872. Another important point highlighted in the analysis is that weekly Stochastic RSI has hit oversold region, last time when this happened Pepe token made new all time highs.
Last week, the crypto asset recorded 14% losses and 12% outflows in the last 30 days. WLD price is up 1% making a recovery from previous outflows.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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