The cryptocurrency market is experiencing a downturn, but meme coin Pepe (PEPE) has become the focus of attention as major whales are making substantial deposits to exchanges like Binance and Robinhood. New data from the Data Nerd reveals that two whales have deposited 410 billion PEPE tokens. Cumberland was the first to deposit $1.5 million worth of PEPE on Robinhood, followed by another whale depositing $1.01 million worth of PEPE to Binance. While the intentions behind these deposits remain unclear, experts speculate they could signal a shift in investor strategy. These whales have the ability to drastically impact the price of PEPE, potentially triggering a sell-off if their holdings are liquidated and influencing other investors to follow suit. 410 billion PEPE tokens are being traded on various exchanges. On the other hand, whale activity may also contribute to increased demand for PEPE tokens. On-chain data indicates that PEPE’s Open Interest is up by 8.5%, suggesting traders are becoming more active in the market and increasing confidence in the asset. Additionally, a technical analysis of the token suggests a potential bullish breakout from its downtrend. The symmetrical triangle pattern signifies increasing buyer activity, potentially leading to a price surge once it breaks through resistance levels. However, if support levels break, there’s anticipation of a decline before a potential breakout.