The major Pepe holder resurfaced after two years of silence, pulling over 2 trillion tokens from Binance in a move that attracted attention in the crypto market.
This surprising activity sparked a renewed wave of interest in memecoin, driving both price increases and trading volume.
Pepe’s deal explodes when the whales shift the $29 million token from binance
On May 17, blockchain analytics firm Lookonchain reported that the whales had launched major transactions, including Pepe tokens. Investors have been caught up in newly revitalized wallets starting from 1.79 trillion Pepes ($2,223 million).
A day later, the whale withdraws 4200 billion Pepe tokens worth around $5.39 million from the crypto trading platform.
As a result, the whales have now removed 2.21 trillion Pepe tokens worth $29 million in two separate 24-hour transactions.
Market observers said these actions effectively reduced Binance’s Pepe reserves by around 2%.
The withdrawal directed at independent wallets suggests a deliberate accumulation strategy and whales’ trust in the long-term value of tokens. Such behaviors usually reflect the transition from short-term speculation to buying and holding approaches.
Meanwhile, the whale’s return and the rapid accumulation of tokens coincided with Pepe’s price rallies.
According to Beincrypto data, Meme Coin has skyrocketed by more than 10% in the last 24 hours, and is currently trading at $0.00001345. This shows an astounding 87.5% increase over the past month alone.
Furthermore, the rally has had a ripple effect across the digital assets derivatives market.
Coinglass data shows bets on Pepe’s price surge have faced a liquidation of around $2 million over the past 24 hours. During the same period, long traders also saw a loss of around $907,000.
At the same time, open interest in Pepe Futures rose 15% to over $500 million. This is the last level we saw in January. Open profits are used to measure the total value of active and volatile futures contracts and are commonly used to measure market sentiment and trading activity.
This fresh wave of activity driven by large investors strengthens Pepe’s position as a major digital asset. It also places tokens amongst the most closely tracked meme coins in today’s unstable market.
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