The recent market turmoil has seen considerable activity in the PEPE cryptocurrency, with over 1.28 trillion transactions occurring on Binance as investors rush to acquire tokens. PEPE has emerged as the third-largest meme coin in the industry following a record high earlier this year. The cryptocurrency market has been volatile recently, especially with Bitcoin's fluctuations impacting altcoins the most. Among the large-cap meme coins affected are Dogecoin, Shiba Inu, and PEPE. Notably, a significant portion of trading has been concentrated on the Binance exchange, signaling a resurgence of interest in PEPE coin.

A noteworthy development is the participation of major investors who have re-entered the market, as evidenced by substantial transactions. Whale tracking agencies have observed large movements, such as the transfer of 1,286,733,285,955 PEPE tokens between crypto addresses 'Binance 28' and 'Binance 70.' One prominent whale known as 'dimethyltryptamine.eth' has reappeared after a ten-month absence. The whale recently sold 10 billion PEPE coins for 32.73 Ether, earning a profit of $112,000.

The involvement of such whales in the market has significant implications for PEPE's future. About 78% of current PEPE holders are enjoying profits at the current market price. However, PEPE traders engaging in derivatives trading have faced substantial liquidations totaling over $3 million. These liquidations include losses from both long and short positions, indicating the challenges traders are facing despite increased trading volume.

Although derivatives trading volume has risen by 73%, PEPE's price continues to decline, currently trading at $0.000009566 after a 7% drop in the last 24 hours. The coin has experienced a 23% weekly loss amidst market instability, coupled with a 44% surge in trading volume.

With a market cap exceeding $4 billion, PEPE has secured its position as the third-largest memecoin in the market, trailing behind Dogecoin and Shiba Inu. The future of PEPE coin now rests on the decisions of long-term holders who could influence its trajectory.

Despite indications of heavy buying rather than selling on traditional trading platforms, on-chain data suggests a potential price decline. Technical indicators like the RSI and AO on the daily chart hint at a bearish trend, raising concerns about the meme coin's future value.