PEPE Attracts $8 Million from Crypto Whales Amid Price Corrections

Crypto Whales Accumulate Pepe Meme Coin

Crypto whales have expressed significant interest in the Pepe (PEPE) meme coin, acquiring over $8 million worth during a recent price correction. This acquisition aligns with PEPE's recent price fluctuations following its peak in late May.

Whale Acquisition Details

On-chain data reveals that crypto whales made significant PEPE purchases over the weekend. On June 7, a wallet linked to investment firm Nascent purchased 447.67 billion PEPE from Binance, totaling around $5.5 million. This transaction placed PEPE as the largest asset in Nascent's portfolio, surpassing Maker (MKR) and Tether USD (USDT).

On June 8, an unidentified whale purchased 231.64 billion PEPE worth approximately $2.9 million from Kraken. This transaction adds to a string of purchases by the same whale, who has acquired a total of 750.34 billion PEPE ($8.34 million) from Kraken since March 16.

Market Context

These significant purchases occurred during a period of price consolidation for PEPE. The coin experienced a notable rally in late May due to renewed interest in the meme coin sector. However, after reaching its all-time high of $0.00001717 on May 27, PEPE consolidated around $0.00001490 and $0.00001340.

On June 7, PEPE's price fell to $0.00001277 and temporarily dipped to $0.00001198. This decline occurred as the coin failed to maintain support at $0.00001369.

At the time of writing, PEPE is trading at $0.00001246 and has gained 43.1% in the last month. The coin has strong support around $0.00001218, and its future direction will depend on whether it can break above or below this level.