PEPE in Spotlight as Whale Accumulation Skyrockets

The crypto market is undergoing a major pivot that has proven attractive to some $PEPE whales. Despite a growing sell-off that has seen up to $287 million in combined crypto liquidations, $PEPE whales are buying the dip. According to data from Spot on Chain, at least two $PEPE whales have made huge purchases in the past 24 hours.

$PEPE whale buy-ups

Per the Spot on Chain data, a new $PEPE whale, with the address identifier "0x8f5," withdrew 280 billion tokens from Binance earlier today. This massive $PEPE, worth approximately $5 million, marks one of the latest purchases made by this whale in 24 hours.

Another $PEPE whale, "0xb1a," invested 3.72 million $USDC to buy 200.4 billion $PEPE a few hours ago. This whale is particularly interesting as the Spot on Chain records show they have lost about $1.45 million from $PEPE trading.

Betting on $PEPE is very easy considering the current price of the meme coin. As of writing time, CoinMarketCap pegs the price at $0.0000165, down by 5.81% in 24 hours. It is worth noting that this price level is the lowest $PEPE has recorded in the past week, atop a 19.51% loss.

Stacking $PEPE is a smart move with this drawdown level, ranking among the worst performers in the top 100. However, this increases the odds of a price rebound emerging soon.

$PEPE large buyer trend

Among the established meme coins in the ecosystem, $PEPE is arguably one of the most favored by whales. This underscores its correlation with Ethereum, whose whales also stacked it up amid an ongoing sell-off.

In the past month, $PEPE whale inflow skyrocketed by 4,479% in a single day, showcasing its overall attractiveness. The current $PEPE Relative Strength Index (RSI) value is reading 38, showing how oversold it is, a good setup for a trend change.

$PEPE's trading volume of almost $1 billion also confirms deep market liquidity that can power key open interest from investors.