Crypto Whales Show Strong Interest in Pepe Coin Amid Price Volatility

Crypto Whales Invest in Pepe Coin

Crypto whales have demonstrated a keen interest in Pepe Coin, a popular meme cryptocurrency, by purchasing over $8 million worth during a recent price correction. This significant investment occurred amid notable price volatility, which followed a peak in late May. These substantial acquisitions underline a growing trend among large-scale investors towards meme coins.

Major Acquisitions Highlighted

Blockchain data shows that on June 7, a wallet linked to the investment firm Nascent acquired 447.67 billion PEPE from Binance, amounting to approximately $5.5 million. This acquisition made Pepe Coin the largest asset in Nascent's portfolio, surpassing other significant holdings like Maker and Tether. Additionally, on June 8, an unidentified whale purchased 231.64 billion PEPE, valued at around $2.9 million, from Kraken.

Pepe Coin's Price Movements

These purchases occurred as Pepe Coin was experiencing a price correction. After reaching an all-time high of $0.00001717 on May 27, the price dropped to between $0.00001490 and $0.00001340. By June 7, the price further declined to $0.00001277, briefly touching $0.00001198. Analysis suggests this decline was due to the inability to maintain support at $0.00001369, with current strong support around $0.00001218.

Future Outlook

At present, Pepe Coin is trading at $0.00001245, marking a 1.5% increase in the last 24 hours. Despite recent price instability, the cryptocurrency has shown a 49% rise over the past month. The future trajectory of Pepe Coin will largely depend on its ability to sustain trading above the identified support level. This recent activity highlights the continued interest and potential for growth in the ever-evolving digital currency landscape.