PEPE selling pressure mounts as whale deposits two trillion PEPE to Binance

PEPE (PEPE), a frog-themed meme coin, registered an increase in its reserves on cryptocurrency exchanges, which reached the highest level in two months. On-chain data signals a likely increase in selling pressure on PEPE, supporting a bearish thesis for the meme coin’s price. 

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PEPE sees surge in reserves on exchanges

According to Santiment data, 40.74% of PEPE’s total supply is on exchanges, the highest percentage since October ‘23. PEPE reserves on exchanges have climbed consistently since December 22. The exchange flow metric also shows an increase in inflows since the beginning of January. 

PEPE supply on exchanges as a percentageof the total supply. Source: Santiment 

Typically, an increase in exchange supply increases the selling pressure on the asset, driving asset prices lower. Another key metric, whale transactions valued at $100,000 and higher, has also climbed from January 8.

The Network Realized Profit/Loss metric indicates that the increase in whale transactions coincides with profit-taking by large wallet investors. Therefore, this metric supports a bearish thesis for PEPE price. 

Whale transaction count, network realized profit/loss. Source: Santiment 

Whales move PEPE to exchange wallets

According to data from on-chain tracker Lookonchain, a large wallet investor moved two trillion PEPE to Binance on Friday. The whale had spent 920 staked Ether (stETH) and 253 wrapped Ether (WETH) to buy 2.01 trillion PEPE tokens between May 5 and September 10. 

If the large wallet investor sells their holdings, they are likely to realize a profit of $705,000, on-chain data shows.

PEPE whale transactions. Source: Lookonchain’s tweet on X

At the time of writing, PEPE price is $0.00000137, a 2.19% increase compared with the previous day and a 11.11% increase in a week.