Binance Custody Service Ceffu Makes a Million-Dollar Investment in Pepe Coin (PEPE)

This institutional investment came amid a period of price consolidation for Pepe Coin. PEPE has been trading between $0.00000900 and $0.00000700

A crypto wallet linked to Binance custody service Ceffu has made a hefty million-dollar purchase of Pepe Coin (PEPE).

The transaction records, spotted by Lookonchain, indicate that a wallet connected to Ceffu withdrew 1.48 trillion PEPE tokens, valued at $11.6 million, from Binance. The transfer was made in two batches: 1 trillion PEPE coin and 481.84 billion PEPE.

This institutional investment comes as PEPE price consolidates. PEPE has been trading between $0.00000900 and $0.00000700, with bulls and bears battling it out.

However, recent data shows that PEPE deposit transactions have hit a one-year low. This reduced deposit activity could be a sign of accumulation by long-term holders.

According to IntoTheBlock, between August 28 and 29, largeホルダー net flow shifted from 1.16 trillion PEPE ($8 million) outflows to 1.83 trillion PEPE ($14 million) inflows.

This sharp increase suggests that whales, or large holders, may be accumulating Pepe Coins at these lower prices in anticipation of a potential price increase.

While accumulation by largeホルダー is often a bullish signal, other indicators tell a different story. Pepe Coin’s Network Value to Transactions (NVT) ratio has hit an all-time high during this period of price consolidation.

A high NVT ratio typically indicates that a cryptocurrency’s market capitalization is higher than its transaction volume, which could indicate an overvaluation.

This overvaluation concern leads to a reduction in buying pressure, with some investors perceiving PEPE to be in a bubble. Additionally, the Network Realized Profit/Loss metric surged to near-monthly highs on August 30.

This spike suggests that many investors choose to lock in their gains, potentially due to concerns over PEPE’s current valuation or an expectation of a price correction. But as some cash out, others appear to be holding or accumulating.

The above is the detailed content of Binance Custody Service Ceffu Makes a Million-Dollar Investment in Pepe Coin (PEPE). For more information, please follow other related articles on the PHP Chinese website!