Whale Alert, an on-chain data reporter account on Twitter has just recorded a huge transaction among PEPE holders.
It stated that it had found more than $21 Million in PEPE that was moved from one wallet to another, creating speculations of potential selling pressure.
However, some related data towards this movement might tell a different story, which is what we will be talking about in this article.
PEPE Whale Moved More than $21 Million in One Transaction
The on-chain data reporter recorded a single transaction that moved a huge amount of PEPE totalling more than $21 Million.
Looking at the detail of the on-chain data, it can be seen that the transaction was carried out in a single transaction with around more than 2 Trillion PEPE.
This seems like a lot, however, this is not even 1% of the overall total supply as the total supply of PEPE currently stands around 420.69 Trillion.
However, this has successfully created a FUD or a negative sentiment around PEPE holders where some predicted that the token might drop significantly because of this transaction.
The transaction can be seen as a potential selling pressure by some, which might create a real selling pressure due to the fear of some holders that did not look deeper into the transaction.
The potential selling pressure is also supported by the fact that buying volume has been decreasing since the last couple of days for PEPE, which might strengthen the narrative that this token will go down.
The futures market also tells the same story, where in the short run, most traders that are getting liquidated seem to be traders that opened the long position, creating a narrative that it is better to predict that PEPE will go down in the short run.
What is Really Happening?
Researching deeper into this movement, it can be seen that the transaction might not really be a selling pressure as the transfer happened from one exchange wallet to another decentralized wallet.
This can indicate an outflow, which usually means positive sentiment for PEPE where a whale is looking to hold rather than sell.
The source of the wallet that the whale transacted on was on KuCoin, which means that the whale transferred its PEPE from KuCoin to probably his own decentralized wallet.
This movement can also be supported by the fact that KuCoin is currently having problems where the exchange might face a court session soon due to the fact that it faced allegations from the US Government.
The whale seem to be keeping their holding safe, which is why they moved their PEPE from KuCoin to his own decentralized wallet.
This means that the whale that did this transaction might be looking to still hold on to their PEPE so the narrative that the whale will sell is false.
But, the narrative might be true if we look deeper into the transactions of this whale’s decentralized wallet.
However, there are no signs of potential selling pressure, which means that for now, PEPE is still safe from the selling pressure of this whale.
Overall, it is important to look deeper into a transaction before believing in FUD, so that you don’t sell prematurely and can capitalize on future profits, especially with meme coins.
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