Whale Withdraws Over Half a Trillion PEPE Worth Nearly $8,000,000 From Binance As Memecoin Soars

A deep-pocketed crypto entity has been seen suddenly withdrawing more than a half trillion Pepe (PEPE) as the memecoin soars, on-chain data shows.

Blockchain tracking firm Lookonchain noticed that the crypto whale withdrew 592 billion PEPE from Binance, the world’s top crypto exchange, which was worth nearly $8 million at the time of the transaction.

“A whale withdrew 592 billion PEPE ($7.95 million) from Binance [on May 22nd], most likely bought during the price increase over the past two days.”

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Source: Lookonchain/X

Pepe is trading for $0.0000137 at time of writing, up 11.5% in the past 24 hours and 108% in the last month.

Some analysts are suddenly turning bullish on Pepe, including pseudonymous crypto analyst Altcoin Sherpa.

“If you’re looking for a big cap meme to long, I think PEPE is a good one, good liquidity, strong volume. This one definitely catches up to the others a bit in my opinion – not saying it’ll flip Doge or anything, but should go up more relatively. Long in the green boxes.”

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Source: Altcoin Sherpa/X

Looking at his chart, the analyst suggests Pepe could retest two trading ranges to the downside, including the range between $0.00001300 to $0.00001200 and $0.00001150 to $0.00001100, before rallying again.

However, another popular analyst DonAlt is warning that red-hot memes like Pepe could see a sudden collapse in value of more than 80% based on data from previous cycles.

“If I’m right, the popular memes we trade today will trade 80%+ lower. Then you’ll have new memes come up that build new communities that run up. And we’ll have the same discussions in a couple of years.”

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Featured Image: Midjourney



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