As of July 2, 2024, the overall cryptocurrency market is struggling to gain momentum and top assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and others are in red. Amid this bearish sentiment, a blockchain transaction tracker Whale Alert made a post on X that a whale transferred a significant 1.28 trillion of Pepe (PEPE) tokens worth $14 million from the world’s biggest cryptocurrency exchange.

1,286,733,285,955 #PEPE (14,745,963 USD) transferred from #Binance to unknown wallethttps://t.co/EXqp5mJh4K

— Whale Alert (@whale_alert) July 2, 2024

Whale moves 1.28 trillion PEPE from Binance

However, the whale wallet address is still unknown, and the transfer of this massive token from Binance didn’t impact the price of PEPE. The likely reason for this massive PEPE transfer is the potential listing of spot Ethereum ETF (Exchange Traded Fund) in the United States by the Securities and Exchange Commission (SEC) today, according to a Bloomberg ETF expert.

PEPE is an Ethereum-based meme coin and if the US SEC approves the listing of a spot Ethereum ETF, it will benefit. Additionally, not only PEPE but several top ETH-based tokens will benefit from the SEC’s decision. On May 23, 2024, when the SEC approved spot ETH ETF, the overall crypto market significantly jumped, and this time we may see the same jump if the SEC’s decision is favorable. 

Pepe price-performance analysis

As of writing, PEPE is moving near $0.0000114, and in the last 24 hours, it experienced a 2.2% price drop. In intraday, it made a high of $0.0000117, according to data from coinmarketcap. However, the trading volume in the last 24 hours indicates lower investor and trader participation, as it dropped by 12%. If we look at the performance of PEPE over a longer period, in the last 7 days it is down by 3.3%. Whereas, in the last 30 days PEPE has experienced over 21% of price drop. 

Along with PEPE, the other top meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), and Dogewifhat (WIF) are also in red and experienced 1.5%, and 0.5%, and 2% of downside moves. Whereas, the overall crypto-meme industry is up by 2.2% and the trading volume has also jumped by 35% meaning investors and traders are participating more in the meme industry. 

Meme tokens including Bonk (BONK), Floki (FLOKI), and Book of Meme (BOME) are the top performers as they gained 9%, 4%, and 3.5% of the upside move.