A significant holder of the PEPE meme coin, who had remained silent for two years, unexpectedly returned to activity by withdrawing over 2 trillion tokens from the Binance platform.
This very factor, analysts note, has led to the rise in price and trading volumes of PEPE, which, like a raging river, is swiftly gaining momentum in the volatile crypto world.
Surge in PEPE trading: whale transfers tokens worth $29 million from Binance
On May 17, the analytical company Lookonchain reported that a whale executed a significant transaction with PEPE tokens. The investor withdrew 1.79 trillion PEPE tokens, valued at $22.23 million, from Binance to a newly created crypto wallet.
The following day, May 18, the same whale further withdrew 420 billion PEPE tokens, worth approximately $5.39 million, from this trading platform. In total, within 24 hours, the whale removed 2.21 trillion PEPE tokens from Binance, amounting to $29 million in two separate transactions.
Analysts note that these actions reduced PEPE reserves on Binance by approximately 2%. The withdrawal of tokens to self-custody wallets indicates a targeted accumulation strategy and demonstrates the whale's confidence in the long-term value of this meme coin. Typically, such actions indicate a shift from short-term speculation to a long-term holding strategy.
At the same time, the whale's return and the rapid accumulation of tokens coincided with a sharp increase in the price of PEPE.
According to BeInCrypto, the price of this meme coin has risen by more than 10% in the last 24 hours, reaching $0.00001345. This marks an impressive capitalization increase of 87.5% in just the last month.
Moreover, this rise had a significant impact on the derivatives markets of this digital asset.
According to CoinGlass data, short positions betting against the increase in PEPE's price faced liquidations totaling approximately $2 million in the last 24 hours. Meanwhile, long positions of traders also suffered losses amounting to about $907,000.
At the same time, the open interest in PEPE futures increased by 15%, exceeding $500 million — a level last recorded in January. Open interest, which measures the total value of outstanding, unfulfilled futures contracts, is a key indicator of market sentiment and trading activity. This new wave of activity, driven by the actions of a large investor, strengthens PEPE's status as one of the leading digital assets. It also elevates this token to the ranks of meme coins that are under close scrutiny in today's volatile crypto market.#BinanceSquare #Write2Earn #Crypto #Binance #PEPE $PEPE
