On Monday, a Pepe coin whale sold over 1 trillion $PEPE to the Binance crypto exchange. Recent data on the blockchain has raised concerns about the bearish period of the frog meme coin.
A recent report on Whale Alert revealed that a Pepe Coin holder moved 1.27 trillion coins worth $11.51 million to Binance on October 28. The transfer reportedly fueled negative market sentiments around the frog-themed coin.
Pepe Coin Whale transfers PEPE to crypto exchange, Binance
CoinMarketCap data revealed that Pepe Coin experienced over 4% decline in the 24 hours after the transfer. Weekly charts also revealed that the coin recorded a 13% decline in the past week.
As of this writing, the meme coin is trading at $0.058634, with a $0.059257 peak in the last 24 hours.
🚨 1,279,959,528,068 #PEPE (11,510,036 USD) transferred from unknown wallet to #Binancehttps://t.co/qlK9P64wo4
— Whale Alert (@whale_alert) October 28, 2024
As per Whale Alert data, an unknown address, 0x3….dc8, transferred the PEPE coins, sparking sell-off discussions among cryptocurrency traders. The massive sell-off has alarmed traders on Pepe’s bearish run.
Despite the increased investor apprehensiveness, Coinglass data revealed a 5% rise in the meme coin’s open interest to over $130 million. The analyst also indicated the asset’s derivatives volume had increased to $ 381 million.
The data suggested increased investor interest amid the plummet and massive transfers. Additionally, Etherscan data also indicated Pepe Coin holders increased in the past few days to over 296,000 addresses. Market analysts noted the stark contrast in this data, which could suggest that the coin could record a rise in the near future.
Analyst predicts Pepe’s rise amid negative market sentiments
Despite the market sentiments, crypto analyst Zeus noted that the meme coin showed strong resilience. He added that the coin showed renewed investor interest and high trading volumes.
$PEPE Holding Up Well 🐸💪 Volume Looking Strong 📈 More New #PEPE Holders Continue To Build 🧱
8 Days Left Until Something Big Impacts #PEPE And The Crypto Market🐸🦅
Latest #PEPE News and Price Update 📺🐸👇 pic.twitter.com/VUWgojr3AG
— Crypto Zeus ⚡ (@CryptoZeusYT) October 28, 2024
The analyst highlighted that Pepe holders were on the rise, which would build a stable foundation for the meme coin in the market.
Zeus also highlighted the next eight days were significant for the crypto asset. He added the coin could experience significant developments that could impact Pepe Coin and the broader crypto market.
Pepe token holders indicate varied financial positions amid the market’s bearish sentiments. According to IntoTheBlock data, over 270 trillion Pepe Coins worth $2.39 billion remained “In the Money,” representing 64%, while 16% of the tokens, amounting to 67.29 trillion, remain “Out of the Money.” Additionally, 19% of the token distribution amounting to $715.8 million were “At the Money.”
According to CoinGecko, meme coins were down to over $62 billion after Pepe coin’s decline in the past 24 hours. Memecoins such as Shiba Inu, Bonk, and Dogwifhat all recorded price drops on their respective charts.
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