PEPE Trading Surges as Whale Moves $29 Million in Tokens from Binance

This unexpected activity sparked a new wave of interest in the meme coin, driving up the price and trading volume.

A large holder, known as a whale, has been making a series of interesting moves with Pepe Coin (PEPE). This activity has sparked new interest in the meme coin, driving up the price and trading volume.

According to blockchain analytics company Lookonchain, the whale withdrew 1.79 trillion PEPE tokens from Binance to a new wallet that had just been activated.

At the time of writing, PEPE is trading at $0.124, meaning that the tokens were valued at around $22.23 million.

This massive withdrawal, equal to about 2% of the PEPE token reserve on Binance, is sure to grab the attention of market

observers.

The fact that the whale moved the tokens to a self-custody wallet suggests a deliberate accumulation strategy and demonstrates Whale’s belief in the long-term value of the token.

Generally, this kind of behavior reflects a shift from short-term speculation to a buy-and-hold approach.

The whale’s return and rapid accumulation action coincides with the meme coin price rally.

As per BeInCrypto data, PEPE surged more than 10% in the last 24 hours (5/18) and is trading at $0.00001345 at press time. This marks an incredible rise of 87.5% in just the last month.

Moreover, this rally also triggered a domino effect in the digital asset derivatives market.

Data from CoinGlass shows that short positions betting against PEPE’s price surge saw around $2 million liquidated in the last 24 hours (5/18). In the same period, traders with long positions also recorded losses of around $907,000.

At the same time, open interest in PEPE futures jumped 15%, breaking the $500 million mark-a level last reached in January.

Open interest (OI) is a measure of the total value of active and unsettled futures contracts, and is often used to assess market sentiment and trading activity.

This new wave of activity, fueled by large investors, further strengthens PEPE’s position as a leading digital asset. It has also made the token one of the most monitored meme coins in a highly volatile crypto market.