Frog-themed meme coin PEPE seems to be back on whales’ radar with 480 billion tokens snapped up within hours. According to on-chain data analytics platform Spot On Chain, two crypto whales have made significant moves on the PEPE token, raising questions about whether a PEPE rebound could be in the works.
According to Spot On Chain, whales are currently accumulating PEPE. In recent hours, a new whale, “0x8f5,” withdrew 280 billion PEPE, valued at about $5 million, from Binance.
Whales are accumulating $PEPE!
1/ New whale “0x8f5” withdrew 280B $PEPE ($5M) from #Binance 4 hours ago. Additionally, the whale accumulated 47.4M $JASMY ($1.54M) a day ago.
2/ Whale “0xb1a” spent 3.72M $USDC to buy 200.4B $PEPE ~30 mins ago. However, this whale used to lose… pic.twitter.com/aTyZPl8Qqp
— Spot On Chain (@spotonchain) January 13, 2025
Another whale, “0xb1a,” recently jumped in, spending 3.72 million USDC to buy 200.4 billion PEPE tokens. Interestingly, this whale previously lost $1.45 million on PEPE during past trades. Despite that loss, the whale appears unfazed and is now doubling down on the token, possibly anticipating a rally.
PEPE is set to expand its footprint in the Japanese crypto market with a new Binance listing. On Jan. 9, Binance Japan announced the PEPE listing, now offering Pepe (PEPE) in spot trading. This brings the number of tokens listed on Binance Japan to 57.
This could have contributed to the optimistic expectations surrounding PEPE, with it set to gain momentum and increased exposure. With the crypto market recently facing a sell-off, whales may be anticipating a rebound for meme tokens such as PEPE, hence fueling recent moves.
PEPE price slumps
At the time of writing, PEPE was down 8.64% in the last 24 hours to $0.00001611 as Bitcoin fell to a nearly two-month low and investors fled riskier assets.
Bitcoin fell to lows of near $90,000 on Monday, its lowest level since Nov. 26. Other crypto assets were also in the red, with PEPE mirroring the same trend seen across the markets. PEPE has dropped 22% weekly.
Stronger-than-expected U.S. jobs data on Friday encouraged traders to reduce wagers that the Federal Reserve will drop interest rates again soon, worsening an already volatile start to 2025.
PEPE reached its current all-time high of $0.000028 on Dec. 9, 2024, and is now down 42.6% from this peak.
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