7,760,000,000,000 PEPE in 24 Hours, Whales Defying Bearish Trend

The crypto market is currently experiencing a dip as Bitcoin (BTC) plunged to the $117,000 level. The frog-themed PEPE meme coin is among other cryptocurrencies feeling the heat on the market. However, whales are defying the bearish trend, with over 7.7 trillion PEPE moved in a day.

PEPE spike 45% in large transactions

According to on-chain data from IntoTheBlock, PEPE large transactions increased by 45% over the past 24 hours. Within this period, whales moved 7,760,000,000,000 PEPE tokens, valued at approximately $86.9 million at the current market price.

The large transactions metric serves as a proxy for whales and institutions. It tracks transactions that are $100,000 or more, providing insight into their potential investments.

Therefore, the 45% surge in PEPE large transaction volume indicates increased whale activity. These investors are either buying or selling, and come amid a recent decline in market activity.

The spike also comes shortly after a whale transferred 531.5 billion PEPE tokens, worth $5.06 million, to Binance. This transaction comes amid a price volatility for PEPE as the meme traded at $0.00000929.

Crypto market dips

As of press time, PEPE was traded at $0.00001121, down 5.7% over the past 24 hours. Market activity also increased, as indicated by the decrease in trading volume. This metric dropped 18.2% to $775.5 million over the previous day.

Just last month, PEPE added a zero following an 18% price decline fueled by a global market tailwind. PEPE dropped to as low as $0.0000092, with the next major support envisaged at $0.00000758.

Notably, the current market mirrors the broader market’s sell-off in June. As of press time, Bitcoin is priced at $117,788, after decreasing by 0.9% over the past day.

Top altcoins like Ethereum (ETH), XRP and Solana (SOL) are also experiencing price volatility. Market analysts are hopeful that the market could reclaim its lost ground once favorable sentiment sets in.