Memecoins are now experiencing a price rally after previous drawdowns. Notable memecoins, including PEPE coin, have registered an uptick of up to 11% in 24 hours.
Amidst this price rally, Spot On Chain, an analytics platform on X, alerted the broader crypto community of whale action on Binance.
PEPE Whale Activity Fuels Market Optimism
According to Spot On Chain, the whale identified with the wallet address “0x8f5” withdrew 801.64 billion PEPE.
This staggering amount, valued at approximately $13.53 million, was withdrawn from Binance.
Interestingly, the total Binance withdrawal after about 24 hours stood at 1.082 trillion PEPE coin, worth about $18.53 million.
These withdrawals were made at an average purchase price of $0.00001713 per token. After making the withdrawals, the whale distributed the tokens across three wallets.
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This suggests that the whale made a potential market move that could involve speculating on PEPE. The whale might have decided to redistribute the tokens and hold them for possible future gains.
Market participants have seen the whale action as a bullish signal. The whale’s large accumulation suggests confidence in PEPE’s future price value.
Large transactions such as this carried out by the whale could indicate upcoming market movement. This is because whales can influence the liquidity and price of an asset.
PEPE Coin Price Rebound and Market Impact
As of this writing, PEPE coin has steadily climbed from its low of $0.00001580 to the next resistance level of $0.000018. PEPE price was changing hands at $0.00001725 at the time of writing.
This marks a significant increase, considering PEPE experienced a 13.77% decline within the past seven days.
Meanwhile, amid PEPE’s price rebound, its open interest has soared.
Data from CoinGlass shows that outstanding derivatives contracts opened in the last 24 hours stood at 28.97 trillion PEPE. This amounts to $502.29 million.
Gate.io exchange accounted for more than half of the open interest positions, with 17.13 trillion PEPE worth $296.77 million or 59.08%.
Other leading exchanges include Bitget and OKX, with 7.05 trillion PEPE and 3.82 trillion PEPE, respectively.
The monetary value of these positions amounts to $122.10 million for Bitget and $66.15 million for OKX.
Broader Memecoin Rally
Some market watchers have suggested that the current price rally is happening as altcoins and memecoins mirror Bitcoin (BTC).
BTC had recorded a similar plunge in price by almost 6% to around $90,000. However, Bitcoin has rebounded, and the price has approached $96,000. As of this writing, BTC was changing hands at $95,631, a 4.71% increase in the last 24 hours.
Notably, Dogecoin (DOGE) has also witnessed a remarkable price rally that soared by 10.04% to $0.3547. DOGE’s rally came on the heels of renewed investors’ confidence in the memecoin.
As CoinGlass data shows, traders on Binance were responsible for the massive surge as they bet long positions on the memecoin.
Over 80% of the traders anticipated a price rally for DOGE, supporting its bullish price retracement journey.
Another memecoin favored by analysts is Shiba Inu (SHIB). SHIB’s price climbed by 5.89% to $0.00002152 despite a 36% drop in trading volume to $369.27 million.
Market participants are carefully keeping a watchful eye on these memecoins and hope the current trend prevails.
