TLDR
Major whale accumulation of 337.09 billion PEPE worth $6.92 million from Binance over past 20 days
Net whale flows shifted from -534 billion to +580 billion PEPE on December 3rd
Long-term holder addresses dropped from 91,200 to 89,000 in past month
Token recently integrated into Coinbase Prime custody services
Price up 154% monthly, trading around $0.000020 with $8.69B market cap
A notable shift in PEPE token ownership patterns has emerged in December 2024, with whale addresses showing increased accumulation while long-term holders reduce their positions. Data from multiple tracking platforms reveals a complex market dynamic developing around the popular meme token.
Recent blockchain data shows that a single whale address purchased 337.09 billion PEPE tokens from Binance over a 20-day period. This accumulation, valued at approximately $6.92 million, represents one of the largest individual buying activities in the token’s recent history.
The whale activity extends beyond individual buyers. According to IntoTheBlock data, the overall whale net flow underwent a dramatic shift on December 3, moving from a negative flow of 534 billion PEPE to a positive flow of 580 billion PEPE within a single day.
Market data indicates PEPE currently trades around $0.000020, maintaining a market capitalization of $8.69 billion. The token’s 24-hour trading volume stands at $3.48 billion, showing a slight decline of 1% from previous periods.
The recent price movement shows upward momentum, with PEPE recording gains of 12% over the past week and 154% over the monthly timeframe. These gains coincide with the increased whale buying activity.
PEPE Price on CoinGecko
However, while large buyers accumulate, long-term holder statistics tell a different story. Addresses holding PEPE for more than one year decreased from 91,200 to 89,000 between November 11 and December 3, according to IntoTheBlock data.
The decline in long-term holders appears even more pronounced among mid-term investors. Addresses holding PEPE between one and twelve months dropped sharply from 200,000 to approximately 89,000, indicating a clear shift in holder composition.
In contrast to the exodus of longer-term holders, short-term traders have flocked to the token. Addresses holding PEPE for less than one month increased by 262% over the past 30 days, reaching 72,000 unique addresses.
The total holder count remains robust, with Etherscan data showing approximately 334,000 addresses currently holding PEPE tokens. This metric suggests continued broad market interest despite the shifting holder dynamics.
Institutional interest in PEPE received a boost through its recent integration into Coinbase Prime’s custody services. This development opens new avenues for institutional investors to access and hold the token.
Whales continue to accumulate $PEPE!
A whale has withdrawn 337.09B $PEPE($6.92M) from #Binance in the past 20 days.https://t.co/65vbIQd2dd pic.twitter.com/79NauAQt8V
— Lookonchain (@lookonchain) December 4, 2024
The market witnessed one of the largest single-day accumulations on November 14, when whale addresses added 4.7 trillion PEPE tokens as prices reached $0.000023. The price has since consolidated below this level.
Trading activity shows PEPE maintaining price levels near $0.000020, with daily fluctuations between $0.00001908 and $0.00002104. The weekly charts demonstrate continued buying pressure despite the mixed signals from different holder categories.
The current holder distribution shows a clear pattern: newer traders entering the market as established holders reduce their positions. This dynamic creates potential for increased price volatility in the short term.
Technical indicators suggest the token faces resistance at the $0.000023 level, which coincides with the peak of recent whale accumulation activity. Support levels appear to have formed around the $0.00001900 mark.
The latest blockchain data continues to show active whale accumulation, with multiple large addresses adding to their positions throughout early December. This ongoing buying activity occurs against the backdrop of broader market movements in the crypto sector.
The post PEPE Token ($PEPE) Price: Sees Massive 337B Token Accumulation by Single Whale appeared first on Blockonomi.