The frog-themed PEPE token is seeing increased attention from large holders amid an overall market downturn. Despite price declines, the volumes of token movement among whales have significantly surged.
Increased Whale Transaction Volume
Data from IntoTheBlock shows that the volume of large PEPE transactions rose 45% over the last day. During this window, approximately 7.76 trillion tokens were moved, valued at nearly $86.9 million. Large transaction data helps track whale and institutional investor activity.
Connection to Major Transfers to Binance
The increase in movement occurred shortly after a notable whale transaction, where one whale transferred 531.5 billion PEPE tokens to Binance, valued at roughly $5.06 million at the time. This transfer added pressure to the asset amid price instability.
Cautionary Support Levels
Recent price history for PEPE presents a mixed picture. In late May, the token added another zero after an 18% decline caused by a global market pullback, falling to $0.0000092 and nearing its next major support level around $0.00000758. The increase in large transaction metrics may indicate whale activity navigating the downturn.
The dynamics of whale transactions and price fluctuations for PEPE tokens indicate investor interest amid market volatility. Analysts will closely monitor further movements and support for this asset.
