Pepe, a token inspired by the 2000s meme “Pepe the Frog,” is seeing a notable shift in whale activity and holder composition.
According to data provided by IntoTheBlock, the Pepe (PEPE) large holder net flows shifted from a net outflow of 534 billion PEPE to a net inflow of 580 billion on Tuesday, Dec. 3.
This momentum from Pepe investors could trigger FOMO (fear of missing out) among retail holders.
An anonymous Pepe whale has accumulated and withdrawn over 337 billion PEPE tokens from Binance, the largest crypto exchange by trading volume, over the last 20 days, according to Lookonchain’s X post early Wednesday.
These tokens are now worth roughly $7 million.
One of the largest spikes in the Pepe whale net inflow happened on Nov. 14 as large holders accumulated 4.7 trillion PEPE coins as its price reached $0.000023, per data from ITB. The price of the meme coin has been consolidating below that mark since then.
On the other hand, midterm and long-term PEPE holders have been declining over the last month. Addresses holding the meme coin for over a year fell from 91,200 on Nov. 11 to 89,000 on Dec. 3, per ITB data.
Cruisers, holding PEPE between one and 12 months, plunged from 200,000 on Nov. 8 to roughly 89,000 yesterday. However, PEPE traders, with a keeping time of less than a month, increased by 262% over the last 30 days, reaching 72,000 unique addresses.
Pepe has been consolidating close to $0.000020 over the past day with a market cap of $8.69 billion. Its 24-hour trading volume declined by 1% to $3.48 billion.
At this point, PEPE’s bullish momentum is very likely to face a blockage from short-term traders unless another wave of strong whale accumulation surfaces. This puts the meme coin in a highly volatile zone.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
