Memecoins are now on the rise after previous declines. Prominent memecoins, including PEPE, have surged by as much as 11% in the past 24 hours.
Amidst this price surge, Spot On Chain, an analytics platform on X, alerted the wider crypto community to the whale movement on Binance.
PEPE Whale Activity Fuels Market Optimism
According to Spot On Chain, the whale identified with wallet address “0x8f5” has withdrawn 801.64 billion BIP.
This massive amount, worth around $13.53 million, was withdrawn from Binance.
Interestingly, the total withdrawal from Binance after about 24 hours was 1.082 trillion PEPE coins, worth about $18.53 million.
These withdrawals were made at an average purchase price of $0.00001713 per token. After making the withdrawals, the whale distributed the tokens across three wallets.
This suggests that the whale made a potential market move that may involve speculation on PEPE. The whale may have decided to redistribute the tokens and hold them for potential future gains.
Market participants viewed the whale’s movement as a bullish signal. The large accumulation of whales indicates confidence in the future price value of PEPE.
Such large trades by whales may indicate upcoming market movement. This is because whales can influence the liquidity and price of an asset.
PEPE Coin Price Recovery and Its Impact on the Market
As of this writing, PEPE has steadily risen from its low of $0.00001580 to the next resistance level of $0.000018. PEPE price is trading at $0.00001725 at the time of writing.
This represents a significant increase, considering that PEPE stock has seen a 13.77% decline over the past seven days.
Meanwhile, as PEPE's stock price rebounded, open interest on it increased.
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