PEPE fell toward $0.0000049 on October 30 after blockchain tracker Lookonchain reported that the attacker behind Binance’s security breach sold 7.77 trillion PEPE tokens, worth about $31.66 million. The token later recovered from an intraday low near $0.0000044 but remained under pressure as Bitcoin and several major altcoins also declined.
What the hacker sold
Lookonchain said the attacker exchanged the PEPE at an average price of about $0.0000041 as part of a wider sale involving several cryptocurrencies. The transactions reportedly generated about 70,480 ETH, valued at $158.25 million at the time.
PEPE was one of the larger individual sales in that group. The tracker also identified sales involving UNI, ENA, LINK, AAVE, ONDO and WLD.
The sale followed the October 29 breach of Binance-controlled hot wallets. Binance estimated that about $6.3 billion in cryptocurrency was affected by the incident.
On-chain analyst Darkfost separately reported nearly $38.55 million in moving during the event. That earlier estimate covered a different stage of the activity and should not be added to the completed $31.66 million sale.
The attacker reportedly exploited Ethereum’s EIP-7702 authorization system to gain control of a Binance hot wallet. The available trading data does not prove exactly how much of PEPE’s daily price decline came from the attacker’s sales.
Security incidents involving cryptocurrency platforms highlight the different threats facing digital asset users. Understanding common crypto scams can help investors recognize suspicious activities and take precautions to protect their digital assets.
PEPE’s price movement
PEPE traded around $0.00000491 at the time of reporting, down 1.29% over 24 hours. Its 24-hour range stretched from about $0.0000044 to $0.0000057, showing unusually wide price movement.
The token rebounded from its intraday low after the reported hacker sale. However, it still struggled to hold the psychologically important $0.0000050 level.
The broader market added pressure. Bitcoin was trading near $77,930, down 2.56%, while Ethereum fell 3.89% to about $2,226.77. BNB dropped 6.19% to $704.95, and Solana declined 2.86% to $97.27.
Whale buys $206,500 in PEPE
While the attacker was selling, a wallet linked to an early PEPE investor reportedly bought more tokens. Lookonchain identified dimethyltryptamine.eth as purchasing 45.08 billion PEPE, worth about $206,500, after the hacker finished selling.
The wallet drew attention because of its earlier PEPE position. According to Lookonchain, the trader originally spent 0.125 ETH—about $251 at the time—to buy 5.9 trillion PEPE, a position that later reached a peak value of $100 million.
The new purchase was much smaller than the hacker’s sale. It represented roughly 0.58% of the 7.77 trillion PEPE sold by the attacker.
Another major holder had also accumulated PEPE before the security incident. On October 27, crypto.news reported that wallets linked to Tron founder Justin Sun controlled 2.82% of PEPE’s total supply, according to Arkham.
Those purchases show that some large holders were active during the volatility. They do not, by themselves, prove that broader market demand has returned.
Futures activity shows reduced leverage
PEPE derivatives trading increased sharply during the volatile session. CoinGlass data showed futures volume rising 59.84% to nearly $1.52 billion.
At the same time, open interest fell 10.09% to $369.85 million. Open interest measures the total value of outstanding futures contracts, so the decline suggests traders were reducing leveraged positions even as trading activity rose.
A liquidation snapshot around 03:00 showed about $1.53 million in affected positions. Long positions accounted for $773,530, while short positions accounted for $754,170, with OKX representing the largest share of the recorded liquidations.
The nearly equal split means traders on both sides were caught during the price swings. It does not indicate whether buyers or sellers will control the next session.
Security and transparency remain important considerations when choosing a cryptocurrency exchange. Our comparison of Coinbase vs Binance explores the differences between two major platforms in the crypto trading industry.
Key PEPE levels to watch
PEPE’s daily chart showed a rebound from $0.0000044 toward $0.0000050. Sellers had previously rejected the token near $0.0000056.
The Relative Strength Index stood at 60.55, above its moving average of 55.86. That suggests improving momentum, but it remains below the commonly watched overbought threshold of 70.
Immediate resistance sits near $0.0000050, followed by the $0.0000055 to $0.0000057 area. A sustained break below $0.0000045 could put the Bollinger Band midpoint near $0.00000435 back in focus.
Crypto analyst Trader Symba identified a possible cup-and-handle pattern on the 12-hour chart. He said a sustained breakout above the $0.0000050 to $0.0000052 resistance area, followed by a successful retest, could open a move toward $0.0000065 to $0.0000068.
That remains a technical scenario, not a prediction. A confirmed breakout would require PEPE to hold above the resistance zone after the initial move.
What investors should watch
PEPE’s short-term direction will likely depend on whether the token can reclaim $0.0000050, how much further selling pressure emerges from the Binance incident, and whether broader crypto markets stabilize.
The whale purchase and the hacker’s sale show two opposing forces in the market. But the hacker’s sale was far larger, and PEPE’s price weakness suggests that the market has not yet fully absorbed the supply shock.
Traders should also watch futures open interest and liquidation data. A continued fall in open interest could mean leveraged traders are stepping back, while renewed growth may signal rising speculative activity.
