- PEPE whales shift 7.7T tokens as market reels from Bitcoin’s sharp fall
- Bitcoin crashes below $117K triggering heavy meme coin volatility
- Whale activity spikes 45% in PEPE despite crypto market sell-off
Bitcoin has slipped below the $117,000 mark, leading to a fresh wave of losses across the cryptocurrency market. Major altcoins, including Ethereum, Solana, and XRP, are also facing price volatility as the broader market struggles to regain momentum.
PEPE, the frog-themed meme coin, is among the tokens hit by the downturn. It registered a 5.7% decline in the last 24 hours of trading with a value of $0.00001121. Trading volume also declined by 18.2 percent in the same period to reach $775.5 million.
Notwithstanding this decline, the on-chain statistics indicate that recent activity around the meme token saw an unprecedented increase in whale activity.
As IntoTheBlock reports, the volume of big transactions in PEPE has increased by 45 percent during the past day.
Such transactions, which occurred above $100,000 each, summed up to 7.76 trillion tokens, worth about $86.9 million, based on the current market prices. This peak indicates that whales and institutions took major actions in a downswing market.
Also Read: XRP Trapped in High-Risk Zone as $30 Million in Leveraged Bets Threaten Volatility
Among these transactions, a whale transferred 531.5 billion PEPE tokens, estimated at $5.06 million, to Binance. This saw the coin dip a short time ago to a new low of $0.0000092, but it has since corrected a little. The second major support value of PEPE is the one that is available on the support level of $0.00000758 now.
Source: IntoTheBlock
Rising Whale Activity Signals Strategic Movements Amid Selloff
While the broader market faces pressure, the sudden increase in PEPE’s large transaction volume may reflect behind-the-scenes positioning by major holders. These movements have been known to be related to accumulation in market downturns or readiness for future sell-offs. They occur when general market activity is stagnating.
Bitcoin, currently trading at $117,788, fell 0.9 percent over the previous 24 hours, further strengthening the market correction. The recent situation reflects what occurred in June, when uncertainty hit the world markets, causing digital assets to plummet.
However, at the retreat, the increase in PEPE transactions means that the whales do not retreat. Instead, they are making calculated steps in the middle of a turbulent market period, which highlights the possibility of the meme coin in question.
With Bitcoin dipping below the $117,000 mark, panic is gripping the market. However, the massive whale movement of 7.7 trillion PEPE tokens signals that large players are still active. Their strategic actions could influence the next price direction for PEPE and the broader meme coin space.
Also Read: Coinbase to Launch XRP and Solana Futures With 10x Leverage This August
