Frog-themed cryptocurrency Pepe (PEPE) has seen a massive token shift, crypto data tracker Whale Alert reported.
Whale Alert reports that 6.2 trillion PEPE tokens, or 6,242,222,073,238 tokens worth $7,072,053, have been transferred from top cryptocurrency exchange Binance to an unknown wallet.
🚨 6,242,222,073,238 #PEPE (7,072,053 USD) transferred from #Binance to unknown wallethttps://t.co/RurXTauCpe
— Whale Alert (@whale_alert) October 27, 2023
When assets are deposited on an exchange, it usually implies an intention to sell, but withdrawals may indicate a desire to acquire. Tokens are removed from exchanges for a variety of reasons. One of the reasons could be to buy.
The week saw a massive shift of Pepe tokens, in one instance to a burn address. A total of 6.9 trillion PEPE worth roughly $6 million was burned at the start of the week. The burn addressed concerns about prospective token sales on the open market following an incident in August in which some rogue developers transferred 16 trillion tokens to an exchange, sparking speculation.
However, a new team of advisors has been recruited to take Pepe forward, which might be the start of a new dawn for the meme coin. The remaining 3.79T tokens ascribed to the initial team CEX multisig wallet are currently being explored for strategic collaborations and marketing opportunities.
PEPE also commits to keeping its community up to date on any future token burning, moves, or usage.
PEPE experienced a bullish run this week, doubling in days to a $500 million market value as traders expect the beginnings of a Bitcoin (BTC) spot ETF-induced bull market.
On Wednesday, a post on Pepe’s X page showed that the token was held by over 155,000 individual wallets, including all token bridges to Arbitrum and BSC.
At press time, the popular meme coin was trading at $0.000001196, down 0.25% in the previous 24 hours.