A whale address has moved 1 trillion PEPE coins to the Binance cryptocurrency exchange, days after widespread panic selling battered the cryptocurrency market.
The whale activity comes as PEPE exhibits much resilience. In the last 24 hours, PEPE has gained 8.9% to trade at $0.0000126 at 05:00 a.m. EST.
Whale Gets Ready To Sell PEPE Tokens
According to an X user, “Web3Ninja,” a PEPE whale transferred 1 trillion PEPE tokens to Binance despite the meme coin posting gains.
Following the recent price gains in PEPE, the meme coin now ranks as the third-largest meme coin with a market capitalization of more than $5.3 billion.
However, short-term price action allows investors to sell. An X post by Lookonchain noted that on June 25, another whale address deposited 700 billion PEPE, valued at $7.8 million, to the Binance exchange.
A whale address holds a large amount of cryptocurrencies, and they have the potential to influence the price. As such, these significant dumps in the market could result in a notable price decline.
However, PEPE remains unswayed, with the meme coin now up 8%. Besides the price increase, trading volumes have also increased by 22%, according to data from CoinMarketCap, showing that traders are increasingly interested in the token.
PEPE’s price has demonstrated price fluctuations, given the movement of the Bollinger Bands. The price has occasionally touched the upper and lower bands, which indicates price volatility.
In the last 24 hours, PEPE’s price has traded between $0.0000117 and $0.0000132. Profit takers have been preventing further price growth.
The Relative Strength Index (RSI) is at 44, indicating that PEPE is neither overbought nor oversold. However, the price is leaning towards the oversold region, showing that profit takers and possibly whales have been selling amid the gains.
WIF Attempts To Outperform PEPE
The gains made by the PEPE token come as the fourth-largest meme coin, DogWifHat (WIF), trades higher.
In the last 24 hours, WIF has gained 5.9% to trade at $2.01 as of 06:00 a.m. EST. WIF’s recent gains are commendable and have triggered interest from large wallet addresses.
According to Lookonchain, the largest holder of WIF has recently bought the dip after adding $4.65M worth of WIF tokens to his portfolio. This whale address now holds 23.39M WIF tokens valued at nearly $50 million.
WIF is currently the largest meme coin on Solana, with a market capitalization of more than $800 million.
Besides PEPE and WIF, other meme coins have also posted gains today. The meme coin market cap has increased 6.8% to over $51 billion, according to CoinGecko.
Dogecoin and Shiba Inu, the two largest meme coins by market cap, have seen slight gains of 1.4% and 1.8%, respectively. FLOKI is also up 7% in the last 24 hours.
