Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The crypto market is currently experiencing a dip as Bitcoin (BTC) plunged to the $117,000 level. The frog-themed PEPE meme coin is among other cryptocurrencies feeling the heat on the market. However, whales are defying the bearish trend, with over 7.7 trillion PEPE moved in a day.
PEPE spike 45% in large transactions
According to on-chain data from IntoTheBlock, PEPE large transactions increased by 45% over the past 24 hours. Within this period, whales moved 7,760,000,000,000 PEPE tokens, valued at approximately $86.9 million at the current market price.
The large transactions metric serves as a proxy for whales and institutions. It tracks transactions that are $100,000 or more, providing insight into their potential investments.
Therefore, the 45% surge in PEPE large transaction volume indicates increased whale activity. These investors are either buying or selling, and come amid a recent decline in market activity.
The spike also comes shortly after a whale transferred 531.5 billion PEPE tokens, worth $5.06 million, to Binance. This transaction comes amid a price volatility for PEPE as the meme traded at $0.00000929.
Crypto market dips
As of press time, PEPE was traded at $0.00001121, down 5.7% over the past 24 hours. Market activity also increased, as indicated by the decrease in trading volume. This metric dropped 18.2% to $775.5 million over the previous day.
Just last month, PEPE added a zero following an 18% price decline fueled by a global market tailwind. PEPE dropped to as low as $0.0000092, with the next major support envisaged at $0.00000758.
Notably, the current market mirrors the broader market's sell-off in June. As of press time, Bitcoin is priced at $117,788, after decreasing by 0.9% over the past day.
Top altcoins like Ethereum (ETH), XRP and Solana (SOL) are also experiencing price volatility. Market analysts are hopeful that the market could reclaim its lost ground once favorable sentiment sets in.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team