A whale just woke up after two years of silence and pulled out 1.79 trillion #pepe tokens, worth $22.23 million from Binance. According to LookonChain, the whale created a new Ethereum wallet and sent three large $PEPE transfers from Binance hot wallets.

The Whaleā€™s transactions | Source: x.com/lookonchain

The largest single transaction moved over 1.1 trillion tokens, followed by another 633 billion, and a small batch of 9.8 million tokens. The whale also sent 3 ETH, worth around $7,460, into the new wallet, which is likely to cover gas fees or future swaps.

Before this surprise comeback, the original wallet had been inactive for years. On-chain records show the wallet previously interacted with platforms like Uniswap, MetaMask, and 0x Exchange. The holder moved various tokens including PEOPLE, ETH, UNI, and USDT, often in large amounts, then went completely silent until now.

Shortly after the withdrawal, PEPE price dropped by roughly 10%. The token fell from an intraday high of $0.00001365 to a low of $0.00001227. However, owing to the recent accumulation and resurgence in market interest, Pepe coin price could see a reversal.

Meanwhile, PEPE has been trading in a tight range between $0.000028 and $0.0000052 since last December. The price was recently trapped at a resistance level at 0.000015047 and has since changed to a downtrend. The price was rejected twice from the resistance on May 12 and May 13.

According to the chart via TradingView, the Relative Strength Index (RSI) has dropped below 50 which means the bears might take over the market soon. However, the rejection from the resistance makes sense because the bullish candle that caused the price to surge initially created an imbalance, which is a disparity between the buyers and sellers.

Currently, the market has broken structure to the downside and might attempt to correct this imbalance. If this happens, we might see a price dipping to 0.000006646 before surging to break the 0.000015047 resistance level. This breakout could potentially lead to an 85% increase to 0.000038798, based on a similar rally that occurred in May 2024.