u.today
A massive $PEPE transaction has caught the attention of the crypto community, as a crypto whale makes his first-ever accumulation of the frog-themed cryptocurrency.
According to on-chain analytics platform SpotOnChain, 375.35 billion $PEPE worth $3.73 million were withdrawn from crypto exchange Binance by a wallet address marked "0xf37" some hours ago, which is the whale’s first-ever $PEPE accumulation. The move is part of a larger trend in which whales have been scooping up meme coins like $PEPE and $WIF from Binance, according to Spot On Chain.
The $PEPE whale is not the only one making major moves today. In recent hours, two other whales have accumulated Solana-based dogwifhat ($WIF).
According to Spot On Chain, a whale marked "A3kTT" made a return after two years of dormancy and withdrew 6.5 million $WIF worth $5.19 million from Binance around the same time as that of the $PEPE purchase.
Whales are scooping up #memecoins $WIF and $PEPE from #Binance today!
— Spot On Chain (@spotonchain) February 6, 2025
1️⃣ Whale “0xf37” withdrew 375.35B $PEPE ($3.73M) 3 hours ago. This is the whale’s first accumulation.
2️⃣ Whale “A3kTT” returned after 2 years of dormancy and withdrew 6.5M $WIF ($5.19M) 9 hours ago.
3️⃣ Whale… pic.twitter.com/OJka2UvnCp
Another whale, "4x3M8," withdrew 9 million $WIF worth $7.42 million some hours ago, despite reportedly losing $1.35 million, or -8.74%, in their previous $WIF trade.
The massive 375 billion $PEPE withdrawal by whale "0xf37," along with significant $WIF purchases from other whales, signals growing interest in meme coins from deep-pocketed investors. If the trend of whale accumulation continues, $PEPE and other meme coins could be gearing up for their next major move.
$PEPE price action
The crypto market experienced a significant sell-off at the start of the week, with meme coins impacted particularly hard.
$PEPE subsequently fell to a low of $0.0000081 on Monday, adding a zero to its price tag before somewhat rebounding. At the time of writing, $PEPE was up 0.64% in the last 24 hours to $0.00001023 and down 22% weekly.
$PEPE has steadily fallen since its all-time high of $0.000028 on Dec. 9. The falls sent $PEPE below its daily SMA 50 at $0.00001752 in mid-December, where it remained until late January when it plummeted to $0.0000113.
The $PEPE price fell further, below the daily SMA 200 at $0.00001328, losing critical support that had kept it up since November. On the upside, the first sign of strength would be a return above the daily SMA 50 and 200.