In a notable turn of events, a previously inactive whale wallet has re-entered the market after a two-year hiatus, amassing approximately 1.79 trillion PEPE tokens—valued at over $22.23 million—via multiple withdrawals from Binance. According to blockchain analytics platform LookonChain, the whale established a new Ethereum wallet to execute three major transactions from Binance’s hot wallets.
Transaction Breakdown:
The largest single transfer included over 1.1 trillion PEPE tokens,
A second transaction moved 633 billion tokens,
A third, smaller allocation included 9.8 million tokens.
To support transaction fees and potential trading activity, the wallet also received 3 ETH (approximately $7,460).
Historical on-chain activity reveals that the original wallet had interacted with various DeFi platforms, including Uniswap, MetaMask, and 0x Exchange, and previously managed substantial volumes of assets such as PEOPLE, ETH, UNI, and USDT before going dormant.
Market Reaction and Technical Analysis:
Following the whale's reactivation, the price of PEPE saw an immediate decline of nearly 10%, dropping from an intraday high of $0.00001365 to a low of $0.00001227. Despite this short-term bearish pressure, some analysts suggest the whale’s accumulation may reignite bullish momentum and lead to a potential trend reversal.
Since December 2024, PEPE has traded within a tight consolidation range of $0.0000052 to $0.000028. The token has faced strong resistance at $0.000015047, experiencing double rejection at this level on May 12 and May 13—shifting the short-term market structure into a downtrend.
The Relative Strength Index (RSI) has fallen below the neutral 50 level on TradingView, signaling growing bearish sentiment. The double rejection is interpreted by technical analysts as a response to a previous bullish imbalance, possibly paving the way for a corrective phase.
Outlook and Potential Scenarios:
Given the current downward pressure, a corrective move toward the $0.000006646 support zone is anticipated. If this level holds, a rebound could lead to a retest of the key $0.000015047 resistance. A successful breakout above this threshold may catalyze a significant rally, with upside targets projected as high as $0.000038798—an 85% increase, reflecting gains recorded during the May 2024 uptrend.
While short-term volatility remains a concern, renewed investor interest—driven by whale activity and historical price behavior—could position PEPE for a notable recovery. Traders should closely monitor key support and resistance levels, along with momentum indicators like RSI, to effectively navigate the evolving market landscape.
