The meme-inspired cryptocurrency Pepe Coin (PEPE) has seen its price pump over 68% in the last 24 hours, sending shockwaves through the crypto market. PEPE was trading around $0.000004 at press time with massive $1.7 billion daily trading volumes, per data from CoinMarketCap.
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Whale Movements Wake Up
Behind the scenes, several dormant PEPE whales have become active amidst the coin’s parabolic run. According to data from on-chain analytics firm Spotonchain, a wallet containing 1.03 trillion PEPE tokens that had been inactive for 650 days withdrew the stash from Binance as the pump started. The wallet address 0xe58fab1b15d8f589a2990906bb8c0b5b40f24713 made two transactions on February 25th and 26th worth $1.41 million in PEPE at the time.
Additionally, wallet 0xd935c61a262055fb5b56749374edc4fd4f12ae1c purchased 501.3 billion PEPE on February 25th for around $688,000. The address now holds PEPE worth $1.37 million.
Another whale, address 0xa145bd8c9e421d332718a4c416cbe4016b8992dd, deposited 486.72 billion PEPE to Binance on February 27th. Having previously withdrawn those tokens at lower prices in December and January, selling now could yield up to $490,000 in profit.
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Show more +The Big Cash-Out
Most notably, a group of five connected wallets deposited a cumulative 1.5 trillion PEPE to Binance on February 27th, worth roughly $3.19 million at current prices. According to Spotonchain, this PEPE whale cluster had withdrawn the tokens months ago when prices languished around $0.051192. Cashing out today could mean a $1.4 million payday.
As these whale moves illustrate, dormant PEPE holders are taking profits during the ongoing vertical rally. It remains to be seen whether the meme coin can sustain these lofty levels for long. Nevertheless, the huge uptick in exchange volumes and whale activity signals that PEPE may have grabbed traders’ attention once again.
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