TLDR
Two major whales accumulated over 480 billion PEPE tokens in 24 hours, with one whale withdrawing 280 billion tokens ($5M) from Binance and another purchasing 200.4 billion tokens for 3.72M USDC
Previous whale activity showed a dump of 85 billion PEPE coins worth 1.51M USDC last week
PEPE price is currently down 3.59% in 24 hours, trading at $0.00001724, with a 28.97% monthly decline
Despite the large whale accumulation, immediate price impact has been minimal, with bearish sentiment prevailing
Trading volume is up 16.53% and open interest increased by 0.41%, suggesting increased market activity
Two major cryptocurrency wallets have accumulated over 480 billion PEPE tokens in the past 24 hours, marking one of the largest buying events for the meme coin this month. The purchases come during a broader market decline that has seen PEPE’s price drop nearly 29% over the past 30 days.
According to data from Spot On Chain, wallet address 0x8f5 withdrew 280 billion PEPE tokens directly from Binance, with an approximate value of $5 million at current market prices. This withdrawal represents one of the largest single movements of PEPE tokens from a centralized exchange in recent weeks.
Whales are accumulating $PEPE!
1/ New whale “0x8f5” withdrew 280B $PEPE ($5M) from #Binance 4 hours ago. Additionally, the whale accumulated 47.4M $JASMY ($1.54M) a day ago.
2/ Whale “0xb1a” spent 3.72M $USDC to buy 200.4B $PEPE ~30 mins ago. However, this whale used to lose… pic.twitter.com/aTyZPl8Qqp
— Spot On Chain (@spotonchain) January 13, 2025
In a separate transaction, wallet 0xb1a purchased 200.4 billion PEPE tokens using 3.72 million USDC. The timing of both acquisitions suggests coordinated accumulation during the recent price decline.
Historical data shows that whale wallet 0x8f5 has previously experienced losses of approximately $1.45 million from PEPE token holdings. Despite these past setbacks, the wallet holder has chosen to increase their position substantially.
The current PEPE token price sits at $0.00001724, representing a 3.59% decline over the past 24 hours. Weekly performance shows a steeper drop of 17.93%, while monthly returns indicate a 28.97% decrease.
Market indicators present mixed signals, with open interest rising by a modest 0.41%. This suggests a slight increase in derivative market activity for the token.
Trading volume has seen more substantial movement, increasing by 16.53% over the past day. The volume surge indicates heightened market participation following the whale accumulation events.
PEPE Price on CoinGecko
These large-scale purchases follow a notable selling event from last week, where another whale address dumped 85 billion PEPE tokens. That sale converted approximately 1.51 million USDC worth of tokens back to stablecoins.
Technical indicators currently show bearish sentiment, with the Fear & Greed Index (FGI) registering 62 points. Price volatility remains relatively contained at 10.13%, according to data from CoinCodex.
The token’s market capitalization has adjusted accordingly with the price movement, though exact figures fluctuate due to the high circulating supply characteristic of meme tokens.
On-chain data reveals that both purchasing whales employed different acquisition strategies. While 0x8f5 opted for direct exchange withdrawal, 0xb1a executed their purchase through decentralized markets.
Trading pairs across major exchanges show consistent price action, with PEPE/USDT and PEPE/USDC maintaining similar valuations across platforms.
Exchange order books indicate balanced buying and selling pressure at current price levels, despite the large-scale accumulation by the two whale addresses.
Looking at immediate market response, the substantial token acquisitions have not yet produced noticeable price impact, as selling pressure continues to dominate short-term price action.
The most recent data shows PEPE token holdings becoming increasingly concentrated among larger wallets, with these two transactions representing a measurable shift in token distribution.
The post PEPE Price: Whale Wallets Accumulate 480B Tokens as Price Tests Support Levels appeared first on Blockonomi.
