Pepe Coin (PEPE) Whales Buy 500 Billion Tokens, Triggering Market-Wide Buzz

The crypto market has recently been abuzz with a massive action by one Pepe Coin (PEPE) whale, who bought 500 billion tokens.

One Pepe Coin (PEPE) whale was spotted moving a massive amount of the meme coin. According to on-chain data from Lookonchain, the whale withdrew 500 billion PEPE from Binance to a new personal wallet.

At the time of writing, the huge sum is valued at $4.3 million, which is about Rp71.6 billion.

This action was completed in two tranches, with the first 250 billion PEPE coins being transferred at 05:00 (GMT+7) on March 26, followed by another 250 billion PEPE at 06:30 (GMT+7) from the same Binance account.

After the final transfer, the whale's new wallet now holds a total of 567 billion PEPE, while his Binance account still has 600 million PEPE.

This move is seen more as a strategic accumulation in preparation for the potential aggressive price rally of PEPE in the near future.

It is not a short-term trading activity, considering that the whale has been accumulating PEPE since December 2022.

Earlier, the whale was known for buying 1 trillion PEPE at an average price of IDR0.11 ($0.000006).

After the price of PEPE fell sharply in January 2023, the whale chose to withdraw a large sum of PEPE from Binance.

This action was taken at a time when the price of PEPE dropped below the key support level at the 0.382 Fibonacci retracement from the high on November 15, 2022.

At the time, many analysts were pessimistic about the potential for a short-term rebound in the price of PEPE.

However, the price of PEPE managed to recover quickly, and by February 2023, it had already risen again to above the 0.5 Fibonacci level.

The price of PEPE dropped 2% in the last 24 hours (27/3) and is currently traded at around IDR0.14 ($0.0000085).

However, the token has recorded a 12% gain over the past week and 13% in the last seven days.

But, many technical analysis signals are showing bullish indications.

This is especially interesting as the price of PEPE has been struggling to break out of the dynamic resistance line at the 50-day Exponential Moving Average (EMA) in the last few weeks.

Despite several attempts, the sellers quickly pushed the price of PEPE back down.

But, on March 25, the price of PEPE managed to break out of the falling wedge pattern in the daily chart.

This breakout is a classic technical signal that often signals the start of a strong move in the direction of the breakout.

In this case, it is likely that the breakout will propel the price of PEPE higher.

Charting Guy estimates that PEPE is now eyeing the 2.618 Fibonacci extension level, which technically targets prices at $0.00012 ($1.98).

If this level is reached, it would mean an increase of more than 1,300% from the current price, making PEPE a strong candidate to become the star of the meme coin sector this year.

Early Investor Returns, Whales Multiply

Apart from the large-scale activity of this whale, another interesting observation is the movement of the wallet account of qianbaidu.eth, an early investor in PEPE.

This investor is known for having sold a large sum of PEPE in November 2022 and booking a profit of more than Rp121 billion.

However, he later returned to accumulate more PEPE.

According to Token Terminal data, qianbaidu.eth recently withdrew 506.2 billion PEPE from Binance.

This action was detected by crypto analytics service Spot On Chain.

After the withdrawal, the email address is no longer able to withdraw more PEPE from Binance.

This signals that the accumulations from the Binance platform have now come to an end, and the main focus will be on shifting the tokens to another platform.

After the final withdrawal, qianbaidu.eth's wallet is now known to hold a total of 696.6 billion PEPE, which is valued at $74.9 million (Rp1.1 trillion).

Of that amount, 500 billion PEPE were accumulated at an average price of IDR0.11 ($0.000006).

This means that the floating profit at the current price is about $2.4 million (Rp39 billion).

But if we calculate from the price at the time of the last withdrawal from Binance, the profit would be smaller, at