Markets
Crypto Whales Buy $8M PEPE Amid Correction
Crypto whales have shown strong interest in the Pepe (PEPE) meme coin, purchasing over $8 million during a price correction.
It is interesting to note that this acquisition comes as the PEPE price fluctuates after its peak at the end of May.
Crypto Whales’ strategic actions in the PEPE
On-Chain Data Reveals Crypto Whales purchased large quantities of PEPE During the weekend. On June 7, a wallet linked to investment company Nascent acquired 447.67 billion PEPE from Binance, for a total of approximately $5.5 million. The 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.
Learn more: Pepe: a complete guide to what it is and how it works
Nascent’s portfolio. Source: SpotOnChain
Another major purchase took place on June 8. An unidentified whale bought 231.64 billion PEPE worth approximately $2.9 million from Kraken. Lookonchain reported that this transaction is based on a series of purchases.
“The whale purchased a total of 750.34 billion PEPE ($8.34 million) from Kraken at an average price of $0.00001111 since March 16,” the statement added.
These large purchases took place as the PEPE price has been consolidating recently. PEPE saw a notable rally in late May due to renewed interest in the broader coin sectors, fueled by financial analyst. The Return of the Roaring Kitty.
After reach its all-time high record high at $0.00001717 on May 27, PEPE consolidated around the $0.00001490 and $0.00001340 range. However, on June 7, its price dropped to $0.00001277 and momentarily dropped to $0.00001198.
According to BeInCrypto’s previous analysis, the meme coin fell to $0.00001277 because it failed to maintain support at $0.00001369. The PEPE now has strong support around $0.00001218 area. Its future trajectory will depend on its ability to trade above or below this support.
Learn more: Pepe (PEPE) Price Prediction 2024/2025/2030
At the time of writing, PEPE is now trading at $0.00001246. Despite recent instability, PEPE gained 43.1% last month.
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