Whales began buying up millions worth of Pepe (CRYPTO: PEPE) on Wednesday after the frog-themed meme coin shrugged off the broader market lag with a 5% rally.
What Happened: A newly created wallet reportedly withdrew 500 billion PEPE, equivalent to $4.3 million, from cryptocurrency exchange Binance, reported on-chain tracking platform Spot On Chain.
This follows a withdrawal by an early buyer who once booked profits worth over $7 million on their PEPE investments. The trader removed 506.2 billion PEPE, worth $4.4 million, from Binance.
The withdrawal boosted their portfolio to 699.8 billion PEPE, valued at $5.11 million, reflecting an unrealized profit of $164,000, or 2.8%.
Moreover, the balance held by long-term investors of PEPE increased by 0.07% in the last 24 hours, according to IntoTheBlock, suggesting that existing holders were accumulating.
See Also: Jim Cramer Applauds GameStop For Acting On His ‘Bitcoin Ploy,’ CEO Ryan Cohen Can’t Help But React
Why It Matters: This accumulation comes after the meme coin surged 5%, bucking the lackluster movement of market heavyweights like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in the aftermath of President Donald Trump’s tariff moves. The coin’s trading volume soared over 100% to $1.02 billion, making it the second-most traded meme coin in the last 24 hours.
On the derivatives front, PEPE’s Open Interest spiked 11% to $319 million, its highest since Feb. 3. The Long/Short Ratio suggested that more traders placed bullish bets on the coin.
Price Action: At the time of writing, PEPE was exchanging hands at $0.000008647, up 5.05% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has tumbled 56%.
Image via Shutterstock
Read Next:
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
