PEPE Whale Activity Surges Despite Market Downturn  

• PEPE whales purchased billions of tokens during the market dip, with one spending $5 million on 280 billion tokens. 
• Another whale invested $3.72 million in PEPE, despite previous losses of $1.45 million, showing confidence in a price rebound. 
• PEPE’s Relative Strength Index at 38 highlights oversold conditions, potentially setting the stage for a market trend change. 

The cryptocurrency market continues to experience turbulence, with combined liquidations reaching $287 million. However, PEPE whales remain undeterred, using the market dip to accumulate tokens. Recent data from Spot on Chain reveals significant purchases by prominent PEPE investors in the past 24 hours. 

Major PEPE Acquisitions 

One notable PEPE whale, identified by the wallet address “0x8f5,” withdrew 280 billion tokens from Binance earlier today. This transaction, worth approximately $5 million, highlights substantial confidence in the meme coin despite its declining value. 

Additionally, another whale, labeled “0xb1a,” spent 3.72 million USDC to acquire 200.4 billion PEPE tokens. Interestingly, Spot on Chain data reveals this investor has incurred a $1.45 million loss from previous PEPE trades, yet continues to double down on the asset. 

PEPE’s Market Position 

The current price of PEPE, as reported by CoinMarketCap, stands at $0.0000165, marking a 5.81% decrease in the last 24 hours. Over the past week, the token has declined by 19.51%, positioning it among the weakest performers in the top 100 cryptocurrencies. Nevertheless, its trading volume of nearly $1 billion underscores robust market liquidity, enabling investors to maintain significant open interest. 

PEPE’s RSI is set at 38, which according to many traders means that it is oversold. Based on this metric, it looks like the token is about to reverse its current price direction. Besides, the influx of whale activity, with a recent 4,479% surge in daily inflow last month, further solidifies its attractiveness to high-stakes investors. 

PEPE’s Appeal Among Meme Coins 

PEPE remains one of the most favored meme coins, rivaling major tokens in its category. Its correlation with Ethereum has also drawn attention, as Ethereum whales have similarly shown interest in PEPE during the ongoing sell-off. 

As the cryptocurrency market navigates volatility, the actions of PEPE whales highlight their belief in the token’s potential for a rebound. The next price movement could hinge on whether this confidence translates into broader market recovery.