According to IntoTheBlock, large transaction volume on PEPE has increased by 109%, indicating whale activity.
According to IntoTheBlock, PEPE large transaction volume in the last 24 hours reached $71.19 million, up 109.81% from the previous day.
IntoTheBlock classifies large transactions as those that involve transfers of more than $100,000. Large transaction volume measures the total amount traded by whales and institutional participants on a given day.
An increase in the volume of large transactions often indicates significant institutional activity, whether buying or selling.
Major PEPE listings took place yesterday. Yesterday, Upbit, South Korea’s largest cryptocurrency exchange, announced the addition of USDT trading pairs for two meme coins, including Pepe (PEPE).
Kraken, the largest US cryptocurrency exchange, also announced that the new EUR margin pair is now also available for PEPE.
PEPE prices fall
At the time of writing, PEPE has fallen 1.50% in the last 24 hours to $0.000007695, down from yesterday’s high of $0.00000829. PEPE has risen from a low of $0.0000076 to a high of $0.00000829 as the market reacted to new PEPE listings on major cryptocurrency exchanges.
Whales have likely also reacted to the news, as evidenced by the sharp increase in large transaction volumes over the past day.
The PEPE price drop comes amid sluggish trading in the cryptocurrency market as investors await the release of the minutes of the Federal Reserve’s latest meeting.
At its latest meeting, the Fed left interest rates unchanged but hinted at a possible rate cut in September.
Following the meeting, economic uncertainty and concerns about a slowdown fueled questions about whether the Fed should have cut interest rates sooner. However, data released last week on retail sales and weekly initial jobless claims helped calm investor concerns.
