On-chain data spotted a recent massive PEPE whale action featuring the movement of 4,539,930,825,193 tokens to Binance amid an 83% surge over the past week.
Whale Alert noted that the transferred funds have a monetary valuation of $5,562,913. The movement to Binance lends an intriguing narrative that suggests a possible liquidation or selloff is underway.
— Whale Alert (@whale_alert) October 26, 2023
PEPE Shining in Memecoin Market
The massive Bitcoin (BTC) price rebound in the past week resulted in a positive twist for PEPE and other tokens. Though PEPE’s market price is $0.000001199, up by a marginal 1.04%, the token remains one of the biggest performers in the Week-to-Date (WTD) period.
In this time, PEPE soared 83%, pushing its market capitalization to $498,841,463. PEPE continues to make waves beyond the spot market in the wake of this impressive price run. As highlighted by market analyst Plazma, PEPE’s demand in the futures market remains bullish, with a volume of $1.7 billion.
Despite no visible ecosystem trigger to account for this growth, PEPE decoupled from its earlier negative trends, marked by reduced profitability for holders. As reported in September, PEPE lagged behind Dogecoin (DOGE) in wallet profitability, as only 21% of its holders stayed in profit at the time. This compares to 42% for DOGE.
The latest uptick in price has changed the narrative, with IntoTheBlock data pegging this profitability figure at 41.98% or approximately 65% of addresses.
Analysts still maintain the bullish projections for PEPE from earlier in the year. Though PEPE traders might need to watch related transfers such as that recorded recently by Whale Alert, buyers’ “Greed” stance currently negates the potential selloff scare.
PEPE Still Lagging
The growth of PEPE in recent times stems from market hype with no visible fundamentals to hinge its drive on. The case differs for Shiba Inu (SHIB) and Floki Inu (FLOKI), two of its biggest rivals.
While PEPE has no visible triggers, Shibarium is arguably powering SHIB’s growth while the recently introduced TokenFi protocol has driven FLOKI back into the list of 100 largest crypto assets by market cap.