Forget Shiba Inu And Dogecoin, Crypto Whales Are Buying Millions Worth Of This Meme Coin
Crypto whales are gearing up for what might be an interesting week for PEPE. On-chain data reveals crypto whales have been busy over the weekend as many look to position themselves before the start of the new week. Amidst this positioning and accumulation, PEPE has shot up as an interesting option for a few whales.
Crypto Whales Make Large PEPE Purchases
PEPE is coming off of a seven-day period of intense volatility and bearish momentum. Price action indicates the meme coin lost about 20% of its value last week, and it seems some whales are going with a buy-the-dip strategy. Multiple transactions involving billions of PEPE tokens were recorded. According to on-chain data, there were multiple instances of whales buying millions worth of PEPE during the weekend, giving a glimpse of whether the decline might be coming to an end.
A notable example of this strategy is the accumulation of 447.67 billion PEPE tokens worth $5.48 million by venture capital firm Nascent. As noted by Spot On Chain, this interesting accumulation by Nascent means PEPE is now the biggest cryptocurrency in its portfolio, indicating the company’s fervent belief in the meme coin.
6 hours ago, Nascent (@nascentxyz) accumulated the first 447.67B $PEPE ($5.48M) from #Binance at the dip.
And now makes $262K (+4.8%) in unrealized profit!$PEPE currently ranks first in the VC’s portfolio, followed by $MKR with an est. total profit of $2.45M (+248%).
Follow… pic.twitter.com/KzfE6R3wJQ
— Spot On Chain (@spotonchain) June 8, 2024
Lookonchain revealed another intriguing accumulation.ording to the on-chain tracker, a particular whale withdrew 231.6 billion PEPE worth $2.9 million from Kraken over the weekend. Interestingly, this wasn’t a one-off purchase, as transaction data shows this whale has been accumulating since March 16. This whale has now withdrawn approximately 750.34 billion PEPE worth $8.34 million from Kraken during this timeframe.
Yet another PEPE accumulation example over the weekend was the withdrawal of 303.4 billion PEPE worth $3.8 million from Binance and OKX into two private wallets 0x81cC and 0xf226, respectively.
PEPE Taking A Leg Up
The last seven days haven’t been rosy for PEPE investors, considering the meme coin decline in the middle of market challenges. Price data shows that PEPE fell from $0.00001524 to a low of $0.00001193, indicating a 21% decline over the week. However, a recent change into positive price percentage indicates that the meme coin is starting to rebound in response to whale accumulation over the weekend. With whales making such large splashes in PEPE, it may not be long before retail investors start experiencing FOMO and pile into the meme coin themselves.
At the time of writing, PEPE is trading at $0.00001239 and has been up by 0.72% in the past 24 hours. This price recovery suggests PEPE might continue on a leg up for the rest of the week.
Featured image created with Dall.E, chart from Tradingview.com
