Pepe’s whales are riding the profit wave amid price volatility. Significant withdrawals and mysterious volume spikes hint at heightened activity in the token’s dynamic ecosystem.
One Pepe Whale withdrew $3 million worth of tokens from the exchange.
Previous withdrawals had brought in profits of about $600,000.
Although PEPE appears to be losing momentum in terms of both price and hype, its whales are still actively profiting. Recent data shows that PEPE tokens have seen significant whale transfers, which coincides with the positive price trend.
PepeWhale keeps money flowing
According to a post by Lookonchain, the PEPE whale recently made a large withdrawal from Binance. According to the tracking site, the whale withdrew 2 trillion PEPE tokens, worth about $3 million.
In addition, the post also mentioned that the whale had previously withdrawn 3.94 trillion PEPE tokens twice, worth $6.46 million at the time, once on June 27 and again on July 5. In addition, the whale deposited 3.94 trillion PEPE tokens on July 14, worth $7.06 million at the time, making a profit of about $600,000.
PEPE profit trend
The most recent whale action proved to be profitable, as can be seen on the daily timeframe chart of the PEPE token on July 23. The chart shows a surge in price on the day, with the token closing up more than 1%.
Likewise, on June 27, the asset also saw a notable rise in value, closing the trading day with a massive 6.6% gain. However, the only exception to the overall profit-taking trend occurred on July 5, when the price fell by more than 2.9%.
However, the coin is facing a downtrend, having recorded a massive loss of over 9% as of the time of writing. The continued decline in price has further pushed PEPE into a bearish trend, as indicated by its Relative Strength Index (RSI).
Volume Trends Up and Down
As the Santiment chart shows, overall PEPE token trading volume remained relatively low during the period when these whale transactions occurred. However, a notable spike in volume was observed on July 20.
On this day, trading volume went well beyond the usual 70-100 million range to reach over 8 billion. This marked the highest trading volume for the token since its launch.
The exact reason for the sudden surge in volume is unclear, and it did not immediately affect price trends. However, this unusual surge indicates a high level of whale activity during this period.
Furthermore, based on the reported whale actions, it appears that whales are using the token primarily for profit purposes, as the token had no other apparent utility or use case at the time.