PEPE Whales Surge on Binance as Long-Term Holders Exit

The 2000s “Pepe the Frog” meme-inspired cryptocurrency Pepe (PEPE) is facing a major shift in its holder composition and a surge in whale activity. As per IntoTheBlock, large holders of PEPE are declining while whale activity is increasing.

The large holder net flows of the meme coin went from $534 billion net outflow to $580 billion net inflow yesterday, December 3. Analysts have forecasted that this shift in Pepe investors could stir a fear of missing out (FOMO) in retail holders.

All this happened as an unknown crypto whale gathered and withdrew more than 337 billion PEPE tokens from the world’s largest crypto exchange Binance in the last 20 days. These tokens are valued around $7 million now.

The biggest hike in Pepe net inflow happened when whales gathered 4.7 trillion PEPE on November 14 when the meme coin was trading at $0.000023. Ever since then, Pepe has been consolidating below that mark.

On the contrary, long-term and mid-term PEPE holders have been exiting the market in the last 30 days with wallet addresses holding the meme coin for more than a year declining to 89,000 yesterday, December 3 from 91,200 on November 11.

.Meanwhile, the Pepe cruisers who have been holding the meme coin for 1-12 months have declined to 89000 from 200,000 on November 8. Although, more crypto traders are holding the token for less than a month. In the last 30 days, the less than a month PEPE holders have gone up by 262% as 72,000 unique addresses were recorded.

Over the last 2 days, the meme coin has been consolidating near the $0.000020 mark with a market cap of $8.69 billion. The trading volume of Pepe went down 1% to reach $3.48 billion in the 24-hour window frame.

Analysts are predicting that the meme coin will face considerable hurdles in its bullish movement from short-term Pepe traders unless a strong whale accumulation occurs, which has placed the token in a high volatile zone.

As of December 4 evening, Pepe was up 4.80% in the last 24 hours to trade at $0.00002049 with an 8.52% surge in its trading volume which stood at $3.57 billion and the market cap rising to $8.60 billion.