Crypto Whales Invest Heavily in PEPE

Crypto Whales Fuel Pepe (PEPE) Price Surge

Major investors, known as crypto whales, have made substantial purchases of the meme token Pepe (PEPE), totaling over $8 million during a recent price correction.

Whale Acquisitions

On-chain data reveals that large PEPE acquisitions were made over the weekend. On June 7, a wallet linked to Nascent, an investment firm, acquired approximately $5.5 million worth of PEPE tokens. This acquisition propelled PEPE to the top ranking in Nascent's portfolio, eclipsing Maker (MKR) and Tether USD (USDT).

On June 8, an anonymous whale purchased around $2.9 million worth of PEPE, as part of a larger accumulation that has totaled 750.34 billion PEPE valued at $8.34 million since March 16.

Market Analysis

The whales' purchases occurred during a consolidation phase for PEPE. The token experienced a significant rise in late May, fueled by increased interest in meme tokens. However, the price fell to $0.00001277 by June 7 and briefly dipped below $0.000012.

Currently, PEPE has strong support around $0.00001218. If it trades above this level, it could continue to rise. At the time of writing, PEPE is trading at $0.00001246, representing a 43.1% appreciation over the past month despite market volatility.

Implications for Investors

• Whale interest suggests strong potential for PEPE's value.
• Support levels are crucial for predicting price movement.
• Monitoring on-chain data can provide insights into large-scale wallet activity.
• Despite recent volatility, PEPE has shown significant growth potential.

In conclusion, the recent buying activity by crypto whales indicates ongoing support and potential for future gains in PEPE. Investors should pay attention to support levels and on-chain data to make informed trading decisions.