A new wallet has drawn attention by withdrawing a total of 500.6 billion PEPE (PEPE) from Binance in the last 30 minutes.

Large-scale transactions in the cryptocurrency market immediately attract the attention of investors. Recently, a massive transaction occurred for PEPE, one of the popular meme coins. According to data shared by blockchain analysis platform Lookonchain, a newly created wallet withdrew approximately $5.2 million worth of PEPE from Binance.

While the identity behind this massive transfer is still unknown, market players closely monitor such transactions. Investors are particularly curious whether large transfers will trigger price movements.

After such massive transfers, investors can experience sudden price movements in the asset in question. In highly volatile meme coins like PEPE, transactions made by big whales can quickly move the market up or down. After this transfer, PEPE investors' eyes will be on the wallet's next moves.