According to data provided by Debank, a newly created crypto wallet bought trillions of Pepe coins (PEPE) equivalent to $1.64 million, surpassing the world’s largest crypto exchange, Binance. Meanwhile, news of Binance delisting the altcoin from its flexible credit platform at the peak of the memecoin hype on May 5 had shaken PEPE’s price. Yet, when compared to other leading memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) in terms of market value, PEPE coin is still performing quite well.
Other Whale Transactions Targeting PEPE Coin
Two noteworthy whale transactions for PEPE coin were interpreted as potential short-term price increases. A crypto wallet beginning with “0xcfff” spent approximately $1.08 million worth of 471,700 USDC to purchase 260 billion PEPE. Additionally, Twitter user osf_rekt bought 404.5 billion PEPE for 367 ETH valued at $720,000.
At the time of writing, PEPE, trading at $0.00000174, faced a slight 0.38% decrease in the last hour, but has increased its value by over 10% in the past week. The memecoin’s trading volume in the last 24 hours has reached $393.5 million, marking a significant increase of 205.13%.
PEPE Price Rises Despite Investors’ Short Position Persistence
Binance, one of the world’s largest crypto exchanges, recently announced that it removed PEPE as a borrowable asset on its Flexible Credit platform. This decision influenced the trading dynamics surrounding the memecoin, and PEPE’s price dropped by 15% after the announcement.
Data provided by the crypto data platform CoinGlass shows that the $2.02 million of the $3.02 million in long/short position liquidations recorded for PEPE in the last 24 hours were short positions. This indicates that the memecoin’s price is rising against positions expecting a price decline.
