Crypto whales have shown substantial interest in the Pepe (PEPE) meme token, making significant purchases worth over $8 million during a recent price correction. This buying spree occurred amid a turbulent period following PEPE’s price surge at the end of May.
Whale Activity in PEPE
On-chain data has highlighted that large PEPE acquisitions were made by crypto whales over the weekend. Specifically, on June 7, a wallet associated with the investment firm Nascent acquired approximately $5.5 million worth of 447.67 billion PEPE tokens from Binance. This transaction propelled PEPE to the top position in Nascent’s portfolio, overtaking Maker (MKR) and Tether USD (USDT), which held $2.98 million and $973,557, respectively.
Further notable activity was recorded on June 8 when an anonymous whale purchased around $2.9 million worth of 231.64 billion PEPE from Kraken. Lookonchain reported that this transaction was part of a cumulative purchase total of 750.34 billion PEPE valued at $8.34 million since March 16, at an average price of $0.00001111.
Analysis Data on PEPE
These major purchases happened during a price consolidation phase for PEPE. The token experienced a significant rise towards the end of May, buoyed by increased interest in meme tokens sparked by financial analyst The Roaring Kitty’s return. On May 27, PEPE hit an all-time high of $0.00001717 before consolidating between $0.00001490 and $0.00001340.
However, by June 7, the price had dropped to $0.00001277 and briefly dipped to $0.00001198. The decline was attributed to the token’s inability to sustain support at $0.00001369. Currently, PEPE finds strong support around $0.00001218, and its future movement will depend on whether it trades above or below this level. At present, PEPE is trading at $0.00001246, having appreciated by 43.1% over the past month despite recent volatility.
Key Insights for Investors
- PEPE’s significant whale purchases indicate strong interest and potential future value.
- Current support levels are crucial for predicting PEPE’s price trajectory.
- Investors should monitor on-chain data for significant wallet activities.
- Despite recent volatility, PEPE has shown substantial growth over the past month.
In conclusion, the intensified buying activity from crypto whales during PEPE’s price correction suggests ongoing interest and potential for future gains. Investors should watch support levels and on-chain data to make informed decisions.