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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.
Whales are accumulating $PEPE!
— Spot On Chain (@spotonchain) January 13, 2025
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
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.