LUCKNOW (CoinChapter.com) — An institutional-level crypto wallet associated with Ceffu, a custody service by Binance, has made a million-dollar investment in Pepe coin (PEPE). According to data from Lookonchain, a wallet related to Ceffu withdrew 1.48 trillion PEPE tokens, equivalent to $11.6 million, from Binance.
The transaction records indicate that the transfer was made in two batches: 1 trillion PEPE coin and 481.84 billion PEPE.
Whale Accumulation Signals a Potential Breakout for PEPE Crypto
This institutional investment came amid a period of price consolidation for Pepe Coin. PEPE has been trading between $0.00000900 and $0.00000700, with a strong struggle between bulls and bears.
Recent data reveals that PEPE deposit transactions have hit a one-year low. The reduced deposit activity could be interpreted as a sign of accumulation by long-term holders.
According to data from IntoTheBlock, between August 28 and 29, large holders’ net flow shifted from 1.16 trillion PEPE ($8 million) in outflows to 1.83 trillion PEPE ($14 million) in 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.
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Other On-Chain Indicators Shows Mix Sentiment
While accumulation by large holders often signals bullish sentiment, other indicators say something else. Pepe Coin’s Network Value to Transactions (NVT) ratio has recently hit an all-time high during this period of price consolidation.
A high NVT ratio generally suggests that a cryptocurrency’s market capitalization is disproportionately higher than its transaction volume, which could indicate overvaluation. This overvaluation concern leads to a reduction in buying pressure, with some investors perceiving PEPE to be in a bubble.
Moreover, 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. While some are cashing out, others appear to be holding or accumulating.
