PEPE's price plummeted significantly on Saturday, reversing earlier gains from the week. The decline saw PEPE drop to $0.00001088, marking a 7.5% decrease within 24 hours. While PEPE's price woes align with broader market downturns, recent actions by a large crypto whale appear to have exacerbated the situation.

Specifically, this whale executed a substantial sell-off of PEPE tokens for ETH, as evidenced by on-chain data showing a wallet exchanging over 1.4 trillion PEPE tokens for Ethereum. This significant transaction added downward pressure on PEPE's price.

Anticipation has been building around the approval of Spot Ethereum ETFs, with recent movements by notable PEPE whales indicating strategic shifts towards Ethereum. One such whale, identified by the address "0x837," converted approximately $18 million from PEPE to Ethereum over the weekend. This substantial exit from PEPE signals bearish sentiment towards the token, with the converted Ethereum subsequently staked in the Compound protocol, suggesting a long-term investment strategy.

Further on-chain data reveals that the whale "0x837" deposited 300 billion PEPE tokens, valued at around $3.85 million, into Binance recently. This move incurred an estimated loss of $1.73 million. Additionally, the whale previously deposited 1.1 trillion PEPE tokens worth $14.42 million on Binance, likely also converting them to ETH. Over the past two days, this whale has deposited a total of 1.4 trillion PEPE tokens on Binance.

Moreover, recent withdrawals of 1,728 ETH worth $5.86 million from Binance by the same whale indicate an accumulation of 4,374 ETH valued at $14.91 million within the same period. This strategic shift underscores the whale's confidence in Ethereum amid market uncertainties surrounding PEPE.

As of the latest update, PEPE is trading at $0.00001129, showing a slight recovery from Saturday's lows. However, the meme token has experienced declines of 3.58% and 3.77% over the past 24 hours and seven days, respectively. Ethereum has also seen a 3.2% decrease over the past week, currently trading at $3,390.