Market
Crypto Whales Buy $8 Million PEPE Amid Correction
Crypto whales have shown strong interest in the Pepe (PEPE) meme coin, purchasing over $8 million worth during a price correction.
Interestingly, this acquisition comes as PEPE’s price fluctuates following its peak in late May.
Crypto Whales’ Strategic Moves in PEPE
On-chain data reveals crypto whales bought large amounts of PEPE during the weekend. On June 7, a wallet linked to investment firm Nascent acquired 447.67 billion PEPE from Binance, totaling around $5.5 million. This move made PEPE the largest asset in Nascent’s portfolio, surpassing Maker (MKR) and Tether USD (USDT), which hold $2.98 million and $973,557, respectively.
Read more: Pepe: A Comprehensive Guide to What It Is and How It Works
Another significant purchase occurred on June 8. An unidentified whale bought 231.64 billion PEPE worth approximately $2.9 million from Kraken. Lookonchain reported that this transaction builds on a string of purchases.
“The whale has bought a total of 750.34 billion PEPE ($8.34 million) from Kraken at an average price of $0.00001111 since March 16,” it added.
These significant purchases happened when PEPE’s price had been consolidating lately. PEPE witnessed a notable rally in late May due to renewed interest in the broader meme coin sectors, fueled by financial analyst The Roaring Kitty’s comeback.
After reaching its all-time high record at $0.00001717 on May 27, PEPE consolidated around the $0.00001490 and $0.00001340 range. However, on June 7, its price fell to $0.00001277 and momentarily dipped to $0.00001198.
According to BeInCrypto’s previous analysis, the meme coin tumbled to $0.00001277 because it failed to maintain its support at $0.00001369. PEPE now has strong support around the $0.00001218 area. Its future trajectory will depend on whether it can trade above or break below this support.
Read more: Pepe (PEPE) Price Prediction 2024/2025/2030
At the time of writing, PEPE is now trading at $0.00001246. Despite recent instability, PEPE has gained 43.1% in the last month.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.