Popular memecoin PEPE dropped roughly 1% as a major token holder sent 500 billion tokens valued around $4.8 million to Binance, adding selling pressure to the token.

The move comes amid a 40-day downtrend that cost the trader roughly $450,000. Tokens are often transferred to accounts on exchanges in preparation for an impending sale. The token most recently traded at $0.00000992, according to market data, bouncing from earlier lows near $0.00000938. Prices swung within a 6% range before recovering toward resistance at $0.00000983.

The whale, according to blockchain data, is still holding onto 1.5 trillion PEPE tokens worth more than $14 million.

More than 3.26 trillion PEPE tokens changed hands during the session, with the strongest volumes recorded during the recovery phase, according to CoinDesk Research’s technical analysis data model.

After dipping to the session’s low, PEPE rebounded sharply as buyers stepped in at support levels. That surge lifted the price close to an intraday peak.

The market responded to the transfer with sustained buying interest, a sign of confidence or opportunistic accumulation. Still, bearish pressure hasn’t vanished. Resistance remains firm just below $0.00001, and price action continues to test support levels.

Nansen data supports the case for opportunity accumulation, as it shows that PEPE whales on Ethereum added 1.46% to their holdings over the past 30 days.

PEPE is outperforming the broader memecoin market. As measured by the CoinDesk Memecoin Index (CDMEME), the sector lost almost 3% of its value over the past 24 hours, more than PEPE’s near 1% decline.