PEPE, the popular meme coin, is seeing renewed interest from large holders and traders after experiencing significant volatility tied to recent market events. The token rebounded to $0.00000511, gaining 12% over the previous 24 hours, as notable traders and whale wallets moved to accumulate more tokens following a heavy sell-off linked to a hacking incident involving Binance.
Whale accumulation after hacker sell-off
On-chain analytics firm Lookonchain reported a major transaction involving the trader dimethyltryptamine.eth, who purchased approximately 45.08 billion PEPE, valued at $206,500. This buying activity occurred shortly after the Binance hacker completed selling off their PEPE holdings, which had triggered a sharp price decline earlier in the day.
Lookonchain underscored the transaction, highlighting that dimethyltryptamine.eth bought another 45.08 billion PEPE for $206,500 after the Binance hacker finished dumping the token.
Previously, this same trader gained notoriety by spending only 0.125 ETH, around $251 at the time, to acquire 5.9 trillion PEPE, a stake that reached a peak value of $100 million. The recent purchase signals that certain whales continue to accumulate despite market turbulence.
The Binance hacker sold roughly 7.77 trillion PEPE, realizing about $31.66 million in value, which was subsequently exchanged for ETH. This aggressive selling coincided with a price drop of more than 12% for the token during the period of distribution.
The move by dimethyltryptamine.eth, while notable, does not necessarily point to a lasting recovery, as market sentiment can shift rapidly, especially with meme coins prone to speculative trading.
Mini dictionary: Lookonchain is an on-chain analytics platform that tracks large transactions, wallet activities, and whale movements on various blockchains, helping to provide transparency and insights into cryptocurrency markets.
Technical outlook: Key levels and indicators
TradingView data shows that PEPE has regained ground above both its 50-day and 200-day moving averages, which are currently positioned at $0.00000419 and $0.00000348, respectively. The token also recovered the resistance area near $0.00000464, a zone that could now serve as support if bullish momentum continues.
Technical indicators reflect growing interest from buyers. The Relative Strength Index (RSI) rose to 62.41, surpassing its signal average of 56.05 and indicating increasing momentum for the bulls, though it remains below the overbought mark of 70.
PEPE faces an immediate resistance at $0.00000550, its most recent daily high, which represents a critical level for continued upward movement. On the downside, a drop below $0.00000464 would challenge the recovery, with the next support identified at around $0.00000386.
| Indicator | Level/Value | Status |
|---|---|---|
| Current Price | $0.00000511 | +12% (24h) |
| 50-day MA | $0.00000419 | Above |
| 200-day MA | $0.00000348 | Above |
| Resistance | $0.00000550 | Immediate |
| Support | $0.00000464 / $0.00000386 | Key levels |
| RSI | 62.41 | Bullish |
Derivatives activity and market sentiment
CoinGlass, a platform that aggregates derivatives market data, reported that PEPE’s open interest surged to nearly $400 million in late October before easing to around $365 million. Elevated open interest indicates active participation by traders in futures and perpetual contracts for PEPE.
The increase in open interest alongside the recent price recovery suggests traders are increasing their exposure to $PEPE through derivatives. However, open interest figures alone are not sufficient to determine the net directional bias, as they do not differentiate between long and short positions.
Rising open interest accompanied by price gains may reflect growing speculative activity, but funding rate and liquidation data are necessary to clarify whether bullish bets are driving the move or if the market remains exposed to sharp price swings.
Market participants should monitor whether PEPE can maintain support above key levels and break past its recent high near $0.00000550 to affirm a more sustained bullish trend. Nonetheless, heightened derivatives activity is often associated with increased volatility, underscoring the need for caution amid ongoing market movements.
