Despite Pepe (PEPE), a major meme coin, is facing a tough week, the market is seeing resurgence of whale interest.

Today, May, 17, 2025, crypto analyst the Data Nerd shared a data showing that whales are buying Pepe as the best investment asset

Crypto analyst the Data Nerd shared a data showing that whales are buying Pepe (PEPE) as the best investment asset, having pumped in millions of dollars’ worth of the asset today, May 17.

According to the analyst, a new wallet address had a huge withdrawal of 1.79 trillion PEPE tokens for $22.35 million from Binance, 9 hours ago.

Another wallet address had a withdrawal of 96.9 billion PEPE coins for $1.28 million from Kucoin.

These huge outflows from exchanges suggest an evident token accumulation by whales, setting the stage for a purchasing frenzy.

At the moment, the asset is in a consolidation mood after a period of bullish tendencies. This explains why whales are capitalizing on this market dip to acquire a huge amount of tokens.

With time, sustained accumulation could decrease selling pressure on the asset.

Earlier today, a report by Glassnode showed that despite a decline in the price of most cryptoassets in the past 24 hours, interest in the market is still high among whales.

According to the crypto analytics firm, there has been a surge in large transactions on-chain.

Specifically, the report showed that on-chain derivatives volume dropped below spot volume for the first time since November 2022.

According to the firm, this shift suggests that market participants are becoming less interested in leveraged products and returning to the cash market to capitalize on the recent price declines.

Furthermore, the analyst shared a chart showing that the asset is still in a downward trend despite a slight recovery today.

According to the chart, the asset had dropped to a low of $0.00001165, testing the crucial support level at $0.000012.

However, buyers stepped in to push the asset up to $0.00001238, where it is currently trading.

The asset is down 8.2% from yesterday. Also, during this duration, its trading volume dropped by 36.60%, indicating decreased user interest in the market.

The asset has been down 5.5% in the past week, meaning selling pressure overpowers buyers.

However, PEPE had been up 69.2% over the past month. Due to this recent rise, most traders are currently recouping profits from their holdings, an event that is causing the current price drop.

Despite the heightened selling activity among short-term traders, long-term holders appear to be capitalizing on the price decrease.

On-chain data (as indicated above) shows renewed PEPE accumulation by buyers who are seeking to hold the token for long term. Today alone, exchanges experienced an outflow of more than $23.63 million worth of PEPE coins, showing that investors are transferring their holdings from exchanges in anticipation of future gains.

This accumulation trend is an indicator of confidence in PEPE’s long-term capability, even during times of increased price volatility.

This development is interesting as short-term traders appear concentrated on immediate price movement and profit-taking. On the other hand, long-term holders view PEPE’s current price fall as an opportunity to buy the token at a discount, repositioning themselves for potential returns when market conditions improve.