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Popular memecoin $PEPE dropped roughly 1% as a major token holder sent 500 billion tokens valued around $4.8 million to Binance, adding selling pressure to the token.
The move comes amid a 40-day downtrend that cost the trader roughly $450,000. Tokens are often transferred to accounts on exchanges in preparation for an impending sale. The token most recently traded at $0.00000992, according to market data, bouncing from earlier lows near $0.00000938. Prices swung within a 6% range before recovering toward resistance at $0.00000983.
The whale, according to blockchain data, is still holding onto 1.5 trillion $PEPE tokens worth more than $14 million.
More than 3.26 trillion $PEPE tokens changed hands during the session, with the strongest volumes recorded during the recovery phase, according to CoinDesk Research's technical analysis data model.
After dipping to the session’s low, $PEPE rebounded sharply as buyers stepped in at support levels. That surge lifted the price close to an intraday peak.
The market responded to the transfer with sustained buying interest, a sign of confidence or opportunistic accumulation. Still, bearish pressure hasn’t vanished. Resistance remains firm just below $0.00001, and price action continues to test support levels.
Nansen data supports the case for opportunity accumulation, as it shows that $PEPE whales on Ethereum added 1.46% to their holdings over the past 30 days.
$PEPE is outperforming the broader memecoin market. As measured by the CoinDesk Memecoin Index (CDMEME), the sector lost almost 3% of its value over the past 24 hours, more than $PEPE’s near 1% decline.
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