Crypto whales have shown strong interest in the Pepe (PEPE) meme coin, purchasing over $8 million worth during a price correction.Interestingly, this acquisition comes as PEPE’s price fluctuates following its peak in late May.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 $5.5 million. This move made PEPE the largest asset in Nascent’s portfolio, surpassing Maker (MKR) and Tether USD (USDT), which hold $2.98 million and $973,557, respectively.Read more: Pepe: A Comprehensive Guide to What It Is and How It WorksAnother 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.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 2024/2025/2030At the time of writing, PEPE is now trading at $0.00001246. Despite recent instability, PEPE has gained 43.1% in the last month.DisclaimerIn adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
