- A whale sent 500B PEPE tokens ($4.8M) to Binance, fueling fears of more sell pressure.
- Despite selling, the whale still holds 1.5T tokens ($14M), keeping market volatility high.
- PEPE outperformed the broader memecoin sector, down only 1% versus the 3% sector-wide drop.
PEPE, one of the most-watched memecoins in the market, slipped close to 1% after a whale pushed 500 billion tokens — worth about $4.8 million — onto Binance. The move immediately raised eyebrows, since tokens sent to exchanges are often a prelude to selling, and PEPE has already been stuck in a 40-day downtrend. That slump alone cost the trader nearly $450,000 in unrealized losses.
At the time of writing, PEPE trades around $0.00000992, having bounced off lows near $0.00000938. The token swung violently within a 6% range before finding its footing again, clawing back toward short-term resistance sitting just under $0.00001.
Whale Still Holds $14M in PEPE
Despite the massive transfer, blockchain data shows the whale hasn’t completely exited. In fact, they’re still holding about 1.5 trillion PEPE tokens — a stash worth more than $14 million. This means even a partial liquidation can have a big impact on short-term price swings, given PEPE’s sensitivity to large holders.
Trading activity was intense throughout the session. More than 3.26 trillion PEPE tokens moved, with the heaviest volumes showing up right as the token bounced off support. That rebound highlighted opportunistic buying, with traders eager to scoop up tokens at discounted levels.
Bulls Step In, But Resistance Holds
After dipping, PEPE quickly rebounded as buyers defended key support zones. The surge lifted prices closer to an intraday peak, but strong resistance capped gains just below $0.00001. Sellers remain active in that area, making it a tricky barrier for bulls to clear.
Nansen data, however, hints at accumulation beneath the surface. Whale wallets on Ethereum increased their PEPE holdings by 1.46% over the past 30 days, suggesting that some large players are quietly building positions even as others trim exposure.
PEPE Outperforms Memecoin Sector
Interestingly, PEPE’s decline was relatively mild compared to its peers. The CoinDesk Memecoin Index (CDMEME) fell nearly 3% over the past 24 hours, while PEPE only shed about 1%. This small outperformance signals that even in the face of whale-driven volatility, PEPE might be holding up better than the broader memecoin crowd.
