Recently, in a single transaction, a cryptocurrency whale withdrew 1.29 billion PUMP tokens, equivalent to $6.39 million, from the Binance exchange. The move was identified by the analysis platform Onchain Lens, which monitors the activity of large holders on the blockchain. This massive withdrawal of tokens from a centralized exchange suggests a long-term accumulation strategy by the anonymous investor, rather than an immediate intent to sell.
The massive withdrawal is not an isolated event. Data from Onchain Lens reveals that the same whale has systematically accumulated 3.3 billion PUMP tokens, valued at $16.38 million, over the past two weeks. This strong and rapid accumulation reduces the liquid supply of PUMP available on exchanges like Binance. This whale’s action demonstrates high conviction in the asset, which is often interpreted by the market as a bullish signal as it decreases the available selling pressure.
Following this transaction, the market will closely watch the direction of these funds and whether the whale continues its buying streak. Analysts will also observe the reaction of PUMP’s price to this significant decrease in supply on Binance. The continuation of withdrawals of this magnitude could reinforce confidence in the asset, while any transfer back to the exchange could be interpreted as preparation for profit-taking.
Source: https://x.com/OnchainLens/status/1983111541416440286
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