A significant PEPE holder, who had been quiet for two years, has reemerged by moving over 2 trillion tokens from Binance. This unexpected action has sparked renewed interest in the meme coin, resulting in price hikes and increased trading volumes.

On May 17, data from Lookonchain revealed that a whale carried out a substantial transaction involving PEPE tokens. The investor transferred 1.79 trillion PEPE, valued at $22.23 million, from Binance to a newly created wallet. The next day, an additional 420 billion PEPE tokens, worth around $5.39 million, were withdrawn by the whale from the platform.

In total, the whale has moved 2.21 trillion PEPE tokens, equivalent to $29 million, out of Binance in two transactions within 24 hours. This activity has depleted Binance's PEPE reserves by approximately 2%.

The transfers were made to self-custody wallets, indicating a strategic accumulation plan and reflecting the whale's belief in the long-term value of the token. Such behavior typically signifies a shift from short-term speculation to a more long-term investment approach.

The return of the whale and the rapid accumulation of tokens coincided with a surge in PEPE's price. Over the past 24 hours, the meme coin has increased by more than 10% and is currently trading at $0.00001345, showing an impressive 87.5% gain in the last month alone.

Additionally, the price rally has impacted PEPE's derivative markets. Short positions against PEPE's price increase experienced approximately $2 million in liquidations in the previous 24 hours, while long traders lost around $907,000 during the same period. Open interest in PEPE futures surged by 15%, surpassing $500 million, a level not seen since January. Open interest serves as an indicator of market sentiment and trading activities.

The recent surge in activity, influenced by a large investor, confirms PEPE's position as a prominent digital asset and solidifies its status as one of the most closely monitored meme coins in today's volatile market.