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In a significant move that has intrigued the cryptocurrency community, major whale activity was observed as 1.28 trillion PEPE tokens exited Binance. This large transaction was reported by Whale Alert, a prominent blockchain tracker that monitors substantial crypto transfers.

The transaction involved a colossal 1,286,733,285,955 PEPE tokens, valued at approximately $14,745,963, moving from Binance to an unknown wallet.

However, upon closer scrutiny, a detail emerged that added an interesting layer to the narrative. Data from Etherscan suggests that the recipient was none other than a Binance-named address, "Binance 70."

This revelation has led to speculation that the transaction might not be the external transfer it first appeared to be but rather an internal reshuffling of funds by Binance itself.

The identification of the receiving address as an internal Binance address adds a bit of clarity, suggesting that the transaction might be part of Binance's routine operations rather than an external withdrawal by a whale investor.

Despite the substantial volume of the transfer, the price of PEPE has experienced a slight decline, down 1.59% in the last 24 hours. This minor dip indicates that the market has not reacted dramatically to the transaction, possibly due to the internal nature of the transfer.

PEPE price action

Frog-themed meme token PEPE has been experiencing a period of consolidation in recent weeks. After reaching its all-time high of $0.00001722 on May 27, the PEPE price has consolidated, creating a range-bound movement that has kept traders on their toes.

Currently, the PEPE token is hovering below the daily SMA 50 at $0.0000126. A break above this level could be significant for PEPE, potentially signaling the start of a new bullish phase.

Such a breakout would not only signify an exit from its lower price range at the moment but could also ignite fresh bullish momentum, attracting more buyers into the market.

At the time of writing, PEPE was down 1.3% in the last 24 hours to $0.000011.