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.
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.
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.
At the time of writing, PEPE is now trading at $0.00001246. Despite recent instability, PEPE has gained 43.1% in the last month.
Source: beincrypto.com