Bitcoin News Today: PEPE Whales Move $86.9M as Bitcoin Dips Below $117,000

PEPE, the frog-themed meme coin, experienced heightened whale activity as Bitcoin fell below $117,000, sparking widespread volatility across the cryptocurrency market. On-chain data from IntoTheBlock revealed that whales executed a total of 7.76 trillion PEPE tokens in large-value transactions, amounting to roughly $86.9 million, reflecting strategic market positioning amid the downturn[1].

During the past 24 hours, PEPE dropped 5.7% in value, settling at $0.00001121, while its trading volume declined by 18.2% to $775.5 million. Despite this bearish trend, whale activity surged by 45%, indicating that major players were taking decisive steps rather than retreating from the market[1]. One of the largest movements involved a transfer of 531.5 billion PEPE tokens, valued at $5.06 million, to Binance. This transaction briefly pushed the token to a new low of $0.0000092, although it has since recovered slightly[1].

The increased whale activity suggests potential accumulation or preparation for further market fluctuations. Such behavior often signals that large investors are adjusting their positions in anticipation of a broader market shift. This comes as Bitcoin continues to trade at $117,788, down 0.9% from the previous day, echoing similar declines observed in June amid global market uncertainties[1].

The broader crypto market remains under pressure, with Ethereum, Solana, and XRP also experiencing significant price fluctuations. In this environment, the actions of whale investors in the PEPE token highlight their confidence in the meme coin’s potential, even as the market struggles to stabilize.

These movements underscore the continued influence of large investors on market sentiment and could shape the next phase of price action for PEPE and other meme coins. With Bitcoin’s decline fueling further uncertainty, the role of whale activity in guiding market direction remains a key point of focus for traders and analysts alike.

Source: [1] Whales Move 7.7T PEPE Tokens as Bitcoin Dives Below $117,000 in Market Crash (https://coinmarketcap.com/community/articles/688a370e1c29df0fa3641d9d/)