In a surprising market development, a long-dormant whale wallet has resurfaced after two years of inactivity, acquiring approximately 1.79 trillion $PEPE tokens—valued at over $22.23 million—through a series of strategic withdrawals from Binance. According to blockchain analytics firm LookonChain, the whale created a new Ethereum wallet and executed three significant transfers from Binance’s hot wallets.


Transaction Summary:



  • The largest transaction involved over 1.1 trillion PEPE tokens


  • A second transaction saw 633 billion tokens moved


  • A smaller transfer added 9.8 million tokens to the wallet


  • To cover gas fees and potential trading, the wallet also received 3 ETH (around $7,460)


Historical data shows that the original wallet was highly active in the DeFi space, interacting with protocols like Uniswap, MetaMask, and 0x Exchange. It previously handled major assets such as PEOPLE, ETH, UNI, and USDT before becoming inactive.


Market Reaction & Technical Snapshot:


Shortly after the whale’s reactivation, PEPE’s price dropped nearly 10%, falling from an intraday high of $0.00001365 to a low of $0.00001227. While this triggered short-term bearish sentiment, some analysts believe the whale's significant accumulation could spark renewed bullish momentum and set the stage for a potential trend reversal.


Since December 2024, PEPE has been trading within a narrow consolidation band between $0.0000052 and $0.000028. The token recently faced firm resistance at $0.000015047, experiencing back-to-back rejections on May 12 and May 13, signaling a short-term shift toward a bearish structure.


On TradingView, the Relative Strength Index (RSI) has dipped below the neutral 50 mark, pointing to weakening momentum. The double rejection is viewed by some technical analysts as a reaction to a prior bullish imbalance—hinting at a potential corrective phase ahead.


Outlook & Possible Scenarios:


With the current bearish tilt, a pullback toward the $0.000006646 support zone appears likely. If this level holds, a bounce could retest the key $0.000015047 resistance. A breakout above this resistance might trigger a sharp rally toward $0.000038798, mirroring the 85% gains seen during PEPE’s May 2024 rally.


Despite ongoing volatility, the whale's return and historical price behavior are reviving investor interest. Traders are advised to keep a close watch on crucial support and resistance levels, along with momentum indicators like RSI, to navigate the unfolding market dynamics.


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