PEPE price is showing early signs of a rebound after absorbing heavy selling pressure from a hacker tied to Binance, and fresh whale accumulation is drawing renewed attention to the meme coin.

A legendary PEPE trader's latest purchase has heightened market interest, though whether the recovery holds will hinge on technical indicators and derivatives activity.

PEPE is an Ethereum-based meme token inspired by the Pepe the Frog character. Like most meme tokens, it carries no protocol revenue or cash flows underpinning its valuation, which is why trader sentiment and the on-chain behavior of large holders tend to set the tone for its price action.

At the time of writing, PEPE is trading at $0.00000511, a gain of roughly 12% over the past 24 hours, according to TradingView data. The rebound comes on the heels of a major sell-off that drove the token down earlier in the day.

What Prompted the PEPE Price Recovery After a 45 Billion Token Purchase?

According to on-chain analytics platform Lookonchain, the legendary trader dimethyltryptamine.eth scooped up an additional 45.08 billion PEPE tokens, valued at about $206,500, once the Binance-linked hacker finished offloading their PEPE holdings.

Lookonchain highlighted the purchase, stating that the trader "bought another 45.08B $PEPE ($206.5K) after the Binance hacker finished dumping $PEPE."

Earlier, the same trader had paid just 0.125 ETH — roughly $251 — to acquire 5.9 trillion PEPE. At its peak, that position was reportedly worth around $100 million.

The newest purchase follows the hacker's sale of approximately 7.77 trillion PEPE tokens for about $31.66 million, with the proceeds swapped into ETH. The large-scale disposal coincided with a steep decline in PEPE's price, which reportedly fell roughly 12.33% during the sell-off.

Disposals of that scale carry extra weight in the meme-coin sector, where a single wallet can put trillions of tokens on the market within a short window. With Lookonchain reporting the hacker's PEPE holdings fully offloaded, that particular supply overhang has now run its course, leaving fresh demand as the immediate flow for traders to track.

The latest buy suggests that certain large holders are prepared to build PEPE positions in the wake of the selling pressure. Still, the actions of a single trader do not automatically signal a broader shift in market sentiment.

Legendary trader dimethyltryptamine.eth, who once spent just 0.125 $ETH ($251) to buy 5.9T $PEPE ($100M at peak), bought another 45.08B $PEPE ($206.5K) after the Binance hacker finished dumping $PEPE . pic.twitter.com/fGqAiEkWWA

— Lookonchain (@lookonchain) October 30, 2026

Source: Lookonchain on X

What Does the PEPE Price Daily Chart Reveal?

TradingView's daily chart shows bullish momentum strengthening. PEPE has climbed back above both its 50-day moving average, near $0.00000419, and its 200-day moving average, around $0.00000348 — levels traders commonly watch as early signals of shifting momentum.

The token has likewise reclaimed the resistance level previously marked near $0.00000464. Should buyers keep the recent recovery intact, that level may now serve as a key support zone.

The Relative Strength Index (RSI), a momentum oscillator, presently sits at 62.41, above its signal average of 56.05. That points to growing buying momentum while remaining below the traditional overbought threshold of 70.

To the upside, PEPE runs into an immediate hurdle near $0.00000550, the recent daily peak marked on the chart. A continued push beyond that level may reinforce the recovery.

On the other hand, slipping back below $0.00000464 could undermine the bullish setup. The next key support zone sits close to $0.00000386.

Is the PEPE Price Recovery Supported by Open Interest?

CoinGlass data indicates that PEPE's open interest rose sharply over the second half of October, climbing to about $400 million around October 30 before pulling back. The most recent figure remains elevated at roughly $365 million, pointing to ongoing involvement in the derivatives market. Open interest measures the total value of outstanding derivative contracts and is often watched alongside price to gauge whether a move is backed by fresh capital.

Rising open interest together with the recent price rebound suggests traders have been building exposure. Still, open interest by itself cannot show whether traders are mostly opening long or short positions.

Funding rates — the periodic payments exchanged between long and short holders on perpetual futures — and liquidation data will shed more light on whether leveraged buyers are driving the move, or whether the market remains exposed to abrupt volatility.

Can the PEPE Price Recovery Last?

PEPE's latest rally pairs fresh whale accumulation with strengthening technical momentum. Reclaiming both key moving averages and the $0.00000464 level leaves buyers in a stronger position than they held during the previous sell-off.

That said, the recent pickup in derivatives activity also points to the risk of additional volatility. Attention will now focus on whether PEPE can stay above the support it has reclaimed and push past its recent high near $0.00000550. The reclaimed $0.00000464 support and the $0.00000550 recent high now frame the token's near-term trading levels.

At present, the recovery looks encouraging, though continued buying pressure will be required to confirm a more robust bullish trend.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.