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Frog-themed meme coin baby It appears to be back on the whales' radar as 480 billion tokens were snapped up within hours. According to on-chain data analytics platform Spot On Chain, two crypto whales made significant moves on the PEPE token, raising questions about whether a PEPE rebound is possible.
according to Spot on the chainCurrently, whales accumulate PEPE. In recent hours, the new whale “0x8f5” withdrew 280 billion PEPE, worth about $5 million, from Binance.
Another whale, “0xb1a,” recently jumped in, spending $3.72 million USD to buy 200.4 billion PEPE tokens. Interestingly, this whale previously lost $1.45 million on PEPE during the last trading. Despite this loss, Pisces seems unfazed and is now doubling down on its symbolic value, perhaps anticipating a rise.
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PEPE is set to expand its presence in the Japanese cryptocurrency market with a new Binance listing. On January 9, Binance Japan announced the listing of PEPE, and now offers Pepe (PEPE) in spot trading. This brings the number of tokens listed on Binance Japan to 57.
This could have contributed to the optimistic outlook surrounding PEPE, with it poised to gain momentum and increase exposure. With the cryptocurrency market facing a recent sell-off, whales may be anticipating a rebound for meme tokens like PEPE, fueling the recent moves.
Low PEPE prices
At the time of writing, PEPE has fallen 8.64% over the past 24 hours to $0.00001611, as Bitcoin falls to its lowest level in nearly two months and investors flee the riskier asset.
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Bitcoin fell to lows near $90,000 on Monday, its lowest level since November 26. Other crypto assets were also in the red, with PEPE reflecting the same trend seen across all markets. PEPE fell 22% week over week.
Stronger-than-expected US jobs data on Friday encouraged traders to reduce bets that the Federal Reserve will cut interest rates again soon, exacerbating an already volatile start to 2025.
PEPE reached an all-time high of $0.000028 on December 9, 2024, and is now down 42.6% from that peak.
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