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Crypto whales showed significant interest in the Pepe (PEPE) meme token, buying over $8 million worth during a price correction. This purchase occurred during a volatile period following PEPE’s price peak at the end of May.
Whale Activity in PEPE
On-chain data reveals that crypto whales made large PEPE purchases over the weekend. On June 7, a wallet linked to the investment firm Nascent bought approximately $5.5 million worth of 447.67 billion PEPE from Binance.
This move made PEPE the largest asset in Nascent’s portfolio, surpassing Maker (MKR) and Tether USD (USDT), which held $2.98 million and $973,557 respectively. Another significant 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. The company stated:
The whale bought a total of 750.34 billion PEPE worth $8.34 million from Kraken since March 16 at an average price of $0.00001111.
Analysis Data on PEPE
These significant purchases occurred during a period of consolidation for PEPE‘s price. PEPE experienced a notable rise at the end of May, supported by increased interest in the broader meme token sectors, driven by the return of financial analyst The Roaring Kitty. On May 27, PEPE reached an all-time high of $0.00001717 and consolidated between $0.00001490 and $0.00001340.
However, on June 7, the price dropped to $0.00001277 and briefly fell to $0.00001198. According to a published report, the meme token fell to $0.00001277 because it failed to maintain support at $0.00001369. PEPE currently has strong support around $0.00001218. Its future trajectory will depend on whether it can trade above or below this support. At the time of writing, PEPE is trading at $0.00001246. Despite recent instability, PEPE gained 43.1% in value over the past month.
