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A massive PEPE transaction has caught the attention of the crypto community, as a crypto whale makes his first-ever accumulation of the frog-themed cryptocurrency.
According to on-chain analytics platform SpotOnChain, 375.35 billion PEPE worth $3.73 million were withdrawn from crypto exchange Binance by a wallet address marked "0xf37" some hours ago, which is the whale’s first-ever PEPE accumulation. The move is part of a larger trend in which whales have been scooping up meme coins like PEPE and WIF from Binance, according to Spot On Chain.
The PEPE whale is not the only one making major moves today. In recent hours, two other whales have accumulated Solana-based dogwifhat (WIF).
According to Spot On Chain, a whale marked "A3kTT" made a return after two years of dormancy and withdrew 6.5 million WIF worth $5.19 million from Binance around the same time as that of the PEPE purchase.
Another whale, "4x3M8," withdrew 9 million WIF worth $7.42 million some hours ago, despite reportedly losing $1.35 million, or -8.74%, in their previous WIF trade.
Tomiwabold OlajideThe massive 375 billion PEPE withdrawal by whale "0xf37," along with significant WIF purchases from other whales, signals growing interest in meme coins from deep-pocketed investors. If the trend of whale accumulation continues, PEPE and other meme coins could be gearing up for their next major move.
PEPE price action
The crypto market experienced a significant sell-off at the start of the week, with meme coins impacted particularly hard.
PEPE subsequently fell to a low of $0.0000081 on Monday, adding a zero to its price tag before somewhat rebounding. At the time of writing, PEPE was up 0.64% in the last 24 hours to $0.00001023 and down 22% weekly.
PEPE has steadily fallen since its all-time high of $0.000028 on Dec. 9. The falls sent PEPE below its daily SMA 50 at $0.00001752 in mid-December, where it remained until late January when it plummeted to $0.0000113.
The PEPE price fell further, below the daily SMA 200 at $0.00001328, losing critical support that had kept it up since November. On the upside, the first sign of strength would be a return above the daily SMA 50 and 200.
Dan Burgin
Vladislav Sopov