Despite recent price drops, meme coin PEPE is gaining substantial attention from whales

Despite recent price drops in Pepe (PEPE), the meme coin is gaining substantial attention from whales. Today, Onchain Lens spotted a whale who withdrew 492 billion PEPE coins from Binance.

Recently, there has been a surge in activity among whales in the Pepe (PEPE) ecosystem, despite the meme coin’s recent price drops. Today, Onchain Lens spotted a whale who withdrew 492 billion PEPE coins from Binance.

According to data shared on X, the whale withdrew 492,000,000,000 PEPE, valued at $3,740,492, from Binance.

Just in: A whale has withdrawn 492B $PEPE worth $3.74M from #Binance.The first funder of this wallet holds 612.30B $SHIB worth $7.85M and facing a loss of $4.125M in $SHIB.Wallet Address: 0xad74b09d6d2cb7227bd0969d9678373aaf6cbee2Funder Address:…

This huge accumulation shows potential purchases by whales and long-term investors, signifying they are capitalizing on the current price declines to buy large quantities of PEPE coins.

This massive transfer created immediate momentum in the PEPE’s price movement, with the meme coin currently seeing green. The acquisition could build potential purchasing frenzy once market sentiment shifts to optimism.

Today’s token purchase made positive impact in the market. PEPE is up 4.6% over the past one hour and even recorded a 7.2% surge in the last 24 hours, making its value currently standing at $0.0577 at press time.

However, PEPE has been in a difficult situation during several weeks ago, as it encountered frequent struggles against both investor sentiment and wider market forces. The meme coin, which had been trying to maintain its upturn movement, witnessed an increase of $13.4% over the past two weeks, but later tanked 4.0% over the last seven days.

One of the major on-chain indicators highlighting Pepe’s difficulties is the transaction volume. PEPE’s transaction volume dropped by 7.78% over the past 24 hours, placing the current total value at $1.2 billion, as per metrics from Coinglass. This suggests weak confidence among long-term investors. The meme coin has been facing more selling pressure than purchasing interest. During the past week, PEPE’s inflows have been exceeded by outflows, which indicates declined prices over the duration and weakened investor confidence. These figures show that without robust purchasing actions, it’s hard for the asset to develop sustainable upswings, exposing it to frequent drops.

However, Open Interest (OI) gives a different, optimistic outlook. PEPE’s OI surged by 8.47% over the past 24 hours, to currently standing at $273.99 million. This shows increased numbers of derivatives traders are pumping money into the PEPE market, hoping for potential price growth. While this suggests possible price increases and growing confidence among derivatives traders, without strong buying activity from long-term investors, especially whales, any potential price hikes will be short-lived.