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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!
— 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
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.