PEPE coins attract giants, and crypto whales are betting
Recently, PEPE has become the darling of crypto whales because of its emoji token. During a wave of price adjustments, they have shown a strong interest in PEPE and spent more than $8 million on large purchases. This buying spree occurred during the market turmoil after the PEPE price surge in late May, which undoubtedly injected new vitality into the market.
PEPE's giant layout
On-chain data reveals the large-scale purchases of PEPE by crypto whales over the weekend. In particular, on June 7, a wallet closely associated with Nascent Investments purchased 447.67 billion PEPE tokens worth about $5.5 million from the Binance platform.
This large-scale transaction not only pushed PEPE to the top of Nascent's portfolio, but also surpassed popular tokens such as Maker (MKR) and Tether USD (USDT), which held $2.98 million and $973,500 respectively.
On June 8, another mysterious whale bought 231.64 billion PEPE tokens worth about $2.9 million on the Kraken platform. According to Lookonchain, this is only part of the whale's cumulative purchases since March 16, a total of 750.34 billion PEPE tokens worth $8.34 million were purchased at an average price of $0.00001111.
PEPE coin in-depth analysis
These huge purchases occurred one after another during the price consolidation phase of PEPE coins. On May 27, PEPE coins reached an all-time high of $0.00001717, and then consolidated between $0.00001490 and $0.00001340.
However, by June 7, the price of PEPE coins had dropped to $0.00001277 and briefly fell to $0.00001198. The drop was attributed to the coin’s inability to maintain support at $0.00001369.
Currently, PEPE has found strong support around $0.00001218 and its future movement will depend on whether it can trade above this level. Despite recent market volatility, PEPE is currently trading at $0.00001246, up 43.1% from the previous month.
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