- The meme token has plunged more than half since peaking on May 5.
- Most trading volumes have shifted from Uniswap to centralized exchanges, including Binance.
Major crypto whales are accumulating large amounts of meme crypto PEPE coin, despite a drop in prices, on-chain analytics tool Lookonchain reported.
‘‘3 whales started to buy $PEPE after the price dropped. 0x50C1 withdrew 1.4T $PEPE ($2.76 million) from Binance when the price was $0.000002054. 0x2Baa bought 212B $PEPE (429K) with 223 $ETH (412k) at $0.000001942. 0x3ae8 bought 424B $PEPE ($864K) with 450 $ETH (831K) at $0.000001957,’’ Lookonchain posted on Twitter.
Since Binance listed the meme token, inspired by the cartoon meme character Pepe the Frog, on May 6, the exchange has seen huge volumes of the token’s trading on its platform, a shift from decentralized to centralized exchanges.
At press time, data from CoinGecko showed that PEPE’s trading volumes were over $430 million, most of which came from Binance. Despite the price decline, the number of $PEPE holders has surpassed 100,000, according to DexTools.
$PEPE Down More Than 50%
PEPE peaked at an all-time price high of $0.000004354 on May 5, with daily volumes of $1.61 billion, according to the data shared by CoinMarketCap. But, at press time, the token was changing hands for $0.000001577, representing a price decline of more than 52%,
The decline was reportedly exacerbated by profit-taking by traders and those using advanced trading strategies – Pepe-tracked futures. According to on-chain analytics firm Santiment, an increase in ether deposits showed traders were likely taking profits from their Pepe positions.
‘‘Exchange addresses interacting on the network is now at its highest level since November 2021, Santiment posted on Twitter, adding, ‘‘as expected, $ETH is showing decoupling signs and on the cusp of breaking $2k once again.’’
Nonetheless, market experts are questioning how sustainable $PEPE would be in the future, considering that few investors hold vast amounts of the token since it was tilted on the Ethereum blockchain, risking having few holders in control.