At PEPE, we see increasing whale accumulation as prices rebound around key levels. Meme coins could explode as Binance.US lists the tokens amid further pressure from the buy-side.
Pepe (PEPE) recorded a notable price increase amidst bullish momentum. But the bulls could make another big move, as a spike in whale activity indicates their long-term position.
According to market data, the memecoin holder structure had a net inflow of 580 billion PEPE and an outflow of 534 billion PEPE as of December 3. As market trends point to Pepe Whale accumulation, this outlook suggests it could impact prices as buying pressure builds.
PEPE whale activity
According to Lookonchain, PEPE whales continue to accumulate meme coins. This comes even as some long-term holders make gains.
Whales deposited 356.2 billion tokens worth $7.3 million into Kraken, posting a 31x return, but other whales quickly devoured memecoins from the market.
In the past 20 days, one whale has been heavily stocked. According to Lookonchain data shared on X, the whale withdrew approximately 337 billion Pepe tokens from Binance, worth nearly $7 million at the time. This happened as PEPE's price skyrocketed along with the broader meme market. This sector is one of the few to post a notable rally on the “Trump trade” narrative.
Whales keep saving $PEPE!
Whales withdrew $337.09 billion PEPE ($6.92 million) from #Binance in the past 20 days. https://t.co/65vbIQd2dd pic.twitter.com/79NauAQt8V
— Lookonchain (@lookonchain) December 4, 2024
According to data from IntoTheBlock, Pepe has seen a 3% decline in the number of large transactions over the past week. However, the number of addresses that are profitable has increased to 83%, and only 1% are in the red. There are currently more than 54,800 holders, which is 15.6% of all holders.
Pepe Price eyes bullish reversal while listed on Binance
Binance.US plans to list PEPE for trading on December 5th. This news coincided with a reversal in meme coin prices. Here is the exchange's announcement.
Deposits to $PEPE are now available at https://t.co/AZwoBOh0gq!
Trading for the PEPE/USDT pair will begin on December 5th at 6am EST. @pepecoineth is a meme coin based on the popular internet character Pepe the Frog.
Read more: https://t.co/dJB9QYaGvm pic.twitter.com/Q3Aww1DnD2
— Binance.US 🇺🇸 (@BinanceUS) December 4, 2024
In terms of price, PEPE has maintained a price range of $0.00001919 to $0.00002109 over the past 24 hours. The token has increased in value by 14% in the past week, 152% in the past month, and more than 1,500% in the past year.
Memecoin is the third largest coin on the market after Shiba Inu and Dogecoin, with a market capitalization of $8.69 billion. 24-hour trading volume rose 9% to more than $4.2 billion.
