Crypto Whales Purchase Over $8 Million Worth of PEPE During Price Correction

Crypto Whales Purchase Over $8 Million Worth of PEPE Amidst Price Correction

Crypto whales have expressed significant interest in the Pepe (PEPE) meme token, making purchases totaling over $8 million during a period of price correction. These acquisitions took place following a volatile period that saw PEPE reach its peak price in late May.

Whale Activity in PEPE

On-chain data indicates that whale activity in PEPE surged over the weekend. On June 7, a wallet associated with investment firm Nascent purchased approximately $5.5 million worth of 447.67 billion PEPE from Binance.

This transaction made PEPE the largest asset in Nascent's portfolio, surpassing Maker (MKR) and Tether USD (USDT). Another major purchase occurred on June 8, when an unidentified whale bought approximately $2.9 million worth of 231.64 billion PEPE from Kraken. Lookonchain reported that this transaction was part of a series of purchases.

Analysis of PEPE Price Data

These substantial purchases coincided with a period of consolidation in PEPE's price. In late May, PEPE experienced a notable increase, driven by heightened interest in meme tokens following the return of financial analyst The Roaring Kitty. On May 27, PEPE achieved an all-time high of $0.00001717 and fluctuated between $0.00001490 and $0.00001340.

However, on June 7, the price dipped to $0.00001277 and briefly touched $0.00001198. According to a report, this decline occurred due to PEPE's inability to sustain support at $0.00001369. Currently, PEPE has strong support around $0.00001218. Its future price direction will depend on whether it can trade above or below this support level.

As of the time of writing, PEPE is trading at $0.00001246. Despite recent volatility, PEPE has gained 43.1% in value over the past month.