In a surprising development, a previously dormant whale wallet has re-emerged after two years, withdrawing approximately 1.79 trillion $PEPE tokens—valued at over $22.23 million—from Binance. Blockchain analytics platform LookonChain was the first to report the movement, noting the whale’s creation of a new Ethereum wallet to facilitate three significant PEPE transfers from Binance’s hot wallets.
Breakdown of Whale Transactions
The most substantial transaction included over 1.1 trillion PEPE tokens, followed by a second transfer of 633 billion tokens and a smaller allocation of 9.8 million tokens. In addition, the whale transferred 3 ETH (approximately $7,460) into the new wallet, likely to cover gas fees or future trading activity.
On-chain data indicates that the original wallet, which had been inactive for years, had prior engagements with decentralized platforms such as Uniswap, MetaMask, and 0x Exchange. It had also handled significant volumes of tokens like PEOPLE, ETH, UNI, and USDT before falling silent.
Market Impact and Technical Outlook
Following the whale’s activity, PEPE’s price experienced a sharp decline of nearly 10%, falling from an intraday high of $0.00001365 to a low of $0.00001227. Despite the immediate bearish reaction, market analysts suggest that this accumulation could trigger renewed bullish sentiment and a potential price reversal.
Since December 2024, PEPE has been consolidating within a narrow trading range between $0.0000052 and $0.000028. Recently, the token faced resistance at the $0.000015047 level, where it was rejected twice—on May 12 and May 13. The price action has since shifted into a downtrend.
The Relative Strength Index (RSI), as displayed on TradingView, has dropped below the 50 mark, indicating increasing bearish momentum. The double rejection at resistance is seen as a natural reaction to an earlier bullish imbalance—an uneven distribution between buyers and sellers—that may now prompt a corrective move.
Possible Scenarios Ahead
With market structure currently breaking to the downside, analysts anticipate a potential correction to address the imbalance, possibly dipping to the $0.000006646 level. Should this support hold, a strong rebound could propel PEPE to break the critical $0.000015047 resistance. A successful breakout might result in a significant rally, with price targets extending up to $0.000038798—an 85% increase, mirroring gains observed during the May 2024 uptrend.
While short-term volatility is likely, investor interest sparked by whale activity and historical price behavior suggests PEPE may soon be poised for a notable upward move. Traders are advised to monitor support and resistance levels closely, alongside key indicators such as RSI, to navigate the potential volatility ahead.
