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PEPE Attracts $8 Million from Crypto Whales Amid Price Corrections

2 mins
Updated by Lynn Wang
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In Brief

  • Crypto whales bought over $8 million in PEPE during a market dip.
  • Nascent acquired 447.67 billion PEPE from Binance, worth $5.65 million.
  • Market consolidation witnessed amid heavy PEPE buying activity.
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Crypto whales have shown strong interest in the Pepe (PEPE) meme coin, purchasing over $8 million during a price correction.

Interestingly, this acquisition comes as PEPE’s price fluctuates following its peak in late May.

Crypto Whales’ Strategic Moves in PEPE

On-chain data reveals crypto whales bought large amounts of PEPE during the weekend. On June 7, a wallet linked to investment firm Nascent acquired 447.67 billion PEPE from Binance, totaling around $5.65 million. This move made PEPE the largest asset in Nascent’s portfolio, surpassing Maker (MKR) and Tether USD (USDT), which hold $2.99 million and $975,819, respectively.

Read more: Pepe: A Comprehensive Guide to What It Is and How It Works

Nascent's Portfolio.
Nascent’s Portfolio. Source: SpotOnChain

Another significant purchase occurred on June 8. An unidentified whale bought 231.64 billion PEPE worth approximately $2.9 million from Kraken. Lookonchain reported that this transaction builds on a string of purchases.

“The whale has bought a total of 750.34 billion PEPE ($8.34 million) from Kraken at an average price of $0.00001111 since March 16,” it added.

PEPE's Whale Historical Transactions.
PEPE’s Whale Historical Transactions. Source: X/lookonchain

These significant purchases happened when PEPE’s price had been consolidating lately. PEPE witnessed a notable rally in late May due to renewed interest in the broader meme coin sectors, fueled by financial analyst The Roaring Kitty’s comeback.

After reaching its all-time high record at $0.00001717 on May 27, PEPE consolidated around the $0.00001490 and $0.00001340 range. However, on June 7, its price fell to $0.00001277 and momentarily dipped to $0.00001198.

According to BeInCrypto’s previous analysis, the meme coin tumbled to $0.00001277 because it failed to maintain its support at $0.00001369. PEPE now has strong support around the $0.00001218 area. Its future trajectory will depend on whether it can trade above or break below this support.

Read more: Pepe (PEPE) Price Prediction 2024/2025/2030

At the time of writing, PEPE is now trading at $0.00001246. Despite recent instability, PEPE has gained 43.1% in the last month.

Top crypto platforms | June 2024

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Lynn Wang
Lynn Wang is a seasoned journalist and content creator with over eight years of experience in digital marketing and cryptocurrency journalism. Her expertise lies in SEO strategy, blockchain technology, and Web3, where she has consistently delivered impactful content initiatives and engaged audiences effectively. Since January 2022, Lynn has been at the forefront of content and community efforts for BeInCrypto Indonesia. Under her leadership, the platform has witnessed remarkable growth,...
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