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According to IntoTheBlock data, PEPE is experiencing a 109% increase in large transaction volume, which indicates whale activity.
According to IntoTheBlock data, PEPE's large transaction volume reached $71.19 million in the last 24 hours, a 109.81% increase from the previous day.
IntoTheBlock classifies large transactions as those involving transfers of more than $100,000. Large Transaction Volume estimates the total amount traded by whales and institutional participants on a given day.
Increases in large transaction volume frequently indicate considerable activity among institutional players, whether buying or selling.
The day before saw major listings for PEPE. Yesterday, Upbit, South Korea's largest cryptocurrency exchange, announced the addition of USDT trading pairs for two meme coins, including Pepe (PEPE).
Kraken, a major U.S. crypto exchange also announced that a New EUR margin pair is now also available for PEPE.
PEPE price dips
At the time of writing, PEPE was down 1.50% in the last 24 hours to $0.000007695, down from yesterday's high of $0.00000829. PEPE surged from lows of $0.0000076 to reach highs of $0.00000829 as the market reacted to PEPE's new listings on major crypto exchanges.
Whales also most likely reacted to the news, as evident in the surge in large transaction volume over the past day.
The drop in PEPE price comes amid the crypto market's lackluster trading, as investors await the release of minutes from the latest Federal Reserve meeting.
The Fed left interest rates unchanged at its last meeting but hinted at a possible September rate cut.
Since that meeting, economic uncertainty and concerns about a slowdown have fueled questions about whether the Fed should have cut interest rates sooner. However, retail sales figures and weekly initial jobless claims data released last week helped to calm investor anxieties.