- Withdrawals from exchanges outpaced deposits.
- Money flow was low and could hinder a quick pump.
On the 27th of March, a whale transferred Pepe [PEPE], valued at $21.10 million from the KuCoin exchange. According to Whale Alert, this value was equivalent to 2.63 trillion tokens. Moments after the transaction, the price of PEPE dropped.
At press time, PEPE’s price was $0.000007, representing a 1.12% increase in the last hours. But before that, the value of the token declined to $0.000073, indicating that the memecoin felt the impact of the transfer.
However, on-chain data AMBCrypto analyzed showed that significant respite. To do this, we checked the exchange inflow and outflow.
From the information we got, exchange inflow was 22.11 billion. For the uninitiated, this metric tracks the number of tokens sent from external sources to exchanges.
Price set to be stable
On the other hand, exchange outflow gauges the number flowing out of exchanges. As of this writing, the metric was higher at 88.30 billion. The difference between the metrics suggests that more participants withdrew PEPE to hold for the long term than those cashing out.
Should this remain the case as we head into the weekend, PEPE might stabilize. There is also a possibility that the value of the cryptocurrency might increase toward $0.0000081 in the short term.
At press time, the Bollinger Bands (BB) showed that volatility around PEP has begun to increase. From a bullish perspective, high volatility and buying pressure could send the price toward $0.0000085.
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Author: Victor Olanrewaju
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