As prices fall, big investors invest millions of dollars to accumulate 2 trillion PEPE

Three crypto whales have invested nearly $4 million into the meme-based cryptocurrency $PEPE coin despite the falling value of digital assets, demonstrating high-risk speculative behavior.

Blockchain activity tracking service Lookonchain reported on microblogging platform Twitter that this massive accumulation of PEPE began after the price of the cryptocurrency inspired by the popular meme began to fall.

The identities of the three investors are unknown, but one investor, known by his wallet address beginning with 0x50C1, made a particularly bold move, withdrawing 1.4 trillion PEPE coins from Binance, the world's leading cryptocurrency exchange, for a total cost of more than $2.76 million.

As the price of PEPE fell below $0.000002, two other well-known cryptocurrency investors jointly purchased $636 billion of PEPE, exchanging $673 worth of ETH for the meme coin. In total, the three investors spent nearly $4 million to acquire more than $2 trillion of PEPE.

Earlier this month, PEPE’s trading volume surpassed other major cryptocurrencies with higher market caps, including BNB Chain’s native token $BNB and $XRP.

The majority of PEPE’s trading volume comes from Binance, which recently announced plans to list the meme coin on its Innovation Zone on May 5. Binance’s announcement of listing the meme-inspired cryptocurrency was followed by announcements from several other major exchanges.

PEPE is a popular meme coin inspired by the infamous meme and cartoon character Pepe the Frog and launched to the market on April 17, 2023. Despite warnings about the possibility of contract owners modifying transaction taxes and blacklisting features, PEPE’s market has seen a significant boom. After being listed on multiple centralized exchanges, it is now in the top 100 digital assets.

Earlier, one lucky cryptocurrency investor appeared to have managed to turn a PEPE investment of 0.125 ETH into a staggering $1.14 million in just a few days by buying at the right time.

After rising more than 72% in the past week, PEPE has fallen about 7% in the past seven days. The cryptocurrency is currently trading at $0.00000186, down from highs around $0.000004.