The memecoin Pepe (PEPE), which gained attention with its rally in the first half of the year, made headlines with purchases exceeding $2 million made by two major cryptocurrency investors. Following these purchases, the price of the PEPE token increased by over 10% due to the increased investor interest.
$2 Million Invested in PEPE
The popular memecoin PEPE witnessed significant whale activity with a purchase of 1.56 trillion tokens, equivalent to 1,100 ETH or $2.06 million, by two major cryptocurrency investors. The first cryptocurrency whale bought 874 billion PEPE worth approximately 600 ETH or around $1.12 million, while the second cryptocurrency whale purchased 685 billion PEPE worth approximately 500 ETH or around $936,000.
Just three months ago, PEPE reached its all-time high (ATH) of $0.00000431, but since then, it has dropped by 68%, leading to a decrease in investor confidence. However, last week, the token’s price gained attention by dropping 12.4%, performing worse than many other memecoins and the majority of the cryptocurrency market.
Current Status of PEPE
CoinMarketCap data shows that PEPE token traded at $0.000001411, recording a 13.41% increase in the last 24 hours. Currently, the memecoin has a market value of over $600 million and a trading volume of $143.55 million, which increased by over 65% in the last 24 hours, displaying a strong presence. However, it is still priced below its ATH by 67.24%.
The recent billion-dollar purchases by crypto whales have surprised many considering the current sensitivity and performance of the Pepe token. While some see these purchases as a vote of confidence, others view them as speculative investments.
It is yet to be seen whether these large-scale purchases, which triggered a 10% increase, will result in a sustained rise in the altcoin’s price or if the unpredictable cryptocurrency market will continue to face significant waves.
