Amidst market-wide turbulence, PEPE has seen over 1.28 trillion shuffled on Binance as investors race to accumulate tokens.
PEPE has become the third-largest meme coin in the industry after reaching an all-time high earlier this year.
The cryptocurrency market has witnessed a turbulent couple of days led by Bitcoin, but with altcoins taking the biggest hit. Large-cap meme coins have taken the biggest hit, including Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE coin. A majority of transactions have taken place on the Binance exchange. This surge in trading activity signifies renewed interest in the coin.
Notably, major players have been missing in the picture and have begun getting involved in the token. Whale tracking agencies have highlighted the large transactions. One notable move is the 1,286,733,285,955 PEPE tokens from a crypto address dubbed ‘Binance 28’ to ‘Binance 70.’
A whale identified as ‘dimethyltryptamine.eth’ has resurfaced after ten months of absence. According to SpotOnChain, the whale has sold 10 billion PEPE coins for 32.73 Ether (ETH), making $112K in profit.
After over 10 months of inactivity with $PEPE, dimethyltryptamine.eth returned to sell 10B $PEPE ($112K) for 32.73 $ETH ~5hrs ago.
Notably, dimethyltryptamine.eth was an early $PEPE buyer who turned $45K into $26.7M (+58.6K%).
Currently, the whale holds 1.99T $PEPE ($21.9M).… pic.twitter.com/dlTwu3Q4u9
— Spot On Chain (@spotonchain) July 3, 2024
The large investors and long-term holders could make or break the coin. About 78% of current holders are making a profit at the current price.
PEPE traders on derivatives markets have suffered more than $3 million in liquidations. This includes $2.71 million for traders who bet PEPE’s price would go up (long positions) and $350,000 for those who bet the price would go down (short positions). Despite a 73% increase in derivatives trading volume over 24 hours, suggesting renewed interest, PEPE’s price keeps dropping.
At the time of writing, PEPE is trading for $0.000009566 after a 7% drop in the last 24 hours. The Altcoin has extended its weekly losses by 23% as the market faces violent turbulence. Amidst these price changes, the coin’s trading volume has surged by 44%.
With a market cap of just over $4 billion, PEPE has become the third largest memecoin in the market after Dogecoin (DOGE) and Shiba Inu (SHIB), which are ranked 10th and 14th, respectively.
PEPE Future in the Hands of Long-Term Holders
Despite the recent price drop, data from CoinPaprika suggests that PEPE Coin isn’t experiencing heavy selling on regular trading markets. In fact, there were more buy orders than sell orders over the past day, with bids totaling $2.65 million compared to $2.30 million in sales.
On the flip side, on-chain data suggests another dip. Technical indicators on the daily chart, like the RSI and AO, also suggest a potential price drop. These indicators are currently below their neutral points (50 for RSI and 0 for AO), which often signals that a downtrend might continue. This could lead to a further decline in the value of the frog-themed meme coin.
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