A significant Pepe Coin (PEPE) whale recently moved over 1 trillion tokens to Binance, stirring market concerns amidst an ongoing downtrend for the meme coin. While some investors worry, certain market indicators suggest Pepe Coin may still hold potential for gains in the near future.
Major Whale Transfers Over $11 Million in PEPE to Binance
As reported by The Bit Journal, the crypto market started the week with notable meme coin activity. However, some of these coins faced challenges due to large-scale whale sales. Whale monitoring platform Whale Alert highlighted a major transaction where a Pepe Coin whale transferred 1.27 trillion tokens, valued at $11.51 million, to Binance. This large-scale transfer heightened market anxieties about the coin’s future, as such activity can signify diminishing confidence in an asset’s profitability.
🚨 1,279,959,528,068 #PEPE (11,510,036 USD) transferred from unknown wallet to #Binancehttps://t.co/qlK9P64wo4
— Whale Alert (@whale_alert) October 28, 2024
The whale still holds 208.26 billion PEPE, worth $1.87 million, adding intrigue to the situation. This address also contains other tokens like Fantom (FTM), Worldcoin (WLD), and Shiba Inu (SHIB). Overall, the heavy sale put additional downward pressure on PEPE, triggering fresh declines for the meme coin.
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Pepe Coin Price Drops Amid Market Anxiety
PEPE’s price fell by 4.35% over the last 24 hours to $0.000008725, reflecting volatility despite the generally positive market sentiment. PEPE experienced highs of $0.000009257 and lows of $0.000008725 within the same period. The weekly chart reveals a 14% drop, and the token has fallen approximately 21.3% over the past month. This downturn, combined with the whale’s actions, has influenced investor sentiment negatively.
Despite Whale Activity, Some Metrics Flash Green for PEPE
While bearish factors persist, Coinglass data reveals that PEPE’s futures open interest (OI) increased by 5%, reaching $130.28 million, while the token’s derivatives volume rose by 26% to $381 million. These metrics indicate a continued interest among investors despite the negative impact of recent whale activity.
Furthermore, recent Etherscan data shows a steady increase in Pepe Coin holders, with nearly 296,000 unique addresses now holding PEPE, signaling a strong level of market confidence. This divergence from the whale’s actions points to a potentially positive outlook. Analysts note that PEPE’s circulating supply on exchanges has decreased significantly, aligning with a potential bullish trajectory. Market watchers are keenly observing PEPE for any upcoming changes in its price trends.
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