According to on-chain data, a massive 1.48 trillion PEPE tokens have recently exited the world’s largest crypto exchange, Binance.This large transaction was executed by a wallet believed to be related to the institutional crypto asset manager, Ceffu.

On-chain data provider Lookonchain reports that “a wallet related to Ceffu withdrew 1.48 trillion PEPE worth $11.6 million from Binance just now.”

The withdrawal was carried out in two separate transactions: the first involving one trillion PEPE tokens, followed by an additional 480 billion PEPE tokens. This move has sparked considerable interest and speculation within the crypto community.

Withdrawals from exchanges often imply intent to buy, while deposits might signal an intent to sell.

Aside from buying, large withdrawals such as this can often signal various market strategies, including transfers to cold storage for long-term holding. The exact intentions behind this large withdrawal remain speculative.

PEPE price action

Following six days of increases, PEPE witnessed profit-taking after reaching a high of $0.000009847 on Aug. 24.

The declines lasted three days before PEPE began to rebound. PEPE slid to lows of $0.00000734 in Wednesday’s trading session before recovering.

The drop in PEPE’s price at the start of the week coincided with the broader declines on the cryptocurrency market. The cause of the drop, which began Tuesday evening when Bitcoin fell 6% in an hour, was not immediately evident, although speculators cited futures market liquidations and continuous selling pressure from Mt. Gox distributions and U.S. government holdings.

August, a normally calm month for cryptocurrency and risk assets in general, has been particularly volatile this year. However, cryptocurrencies are not immune to pullbacks on a bull market, with several digital assets posting a rebound, including PEPE.

At the time of writing, PEPE was up 1.84% in the last 24 hours to $0.00000786. If the rebound sustains, PEPE might target its daily moving average 200 and 50 at 0.00000877 and $0.0000095, respectively. If these key levels are breached, including the crucial barrier at $0.00001, PEPE might kickstart a fresh bullish wave.

On the other hand, support is envisaged at $0.0000068 and $0.0000058 in the event of a downturn.