Crypto Whales Invest $8 Million in Pepe Coin During Price Correction
Crypto Whales Invest $8 Million in Pepe Coin During Price Correction
Crypto whales have shown strong interest in the popular meme cryptocurrency Pepe Coin (PEPE/USD), purchasing over $8 million worth during a price correction. This acquisition comes amid the digital currency's price volatility following its peak in late May.
Significant Whale Purchases Amid Price Volatility
Blockchain data reveals that crypto whales bought large quantities of Pepe Coin over the weekend. On June 7, a wallet associated with investment firm Nascent acquired 447.67 billion PEPE from Binance, totaling about $5.5 million. This move made the meme coin the largest asset in the investment firm's portfolio, surpassing Maker (MKR/USD) and Tether (USDT), of which the firm holds $2.98 million and $973,557 respectively.
Meanwhile, another significant purchase occurred on June 8, when an unidentified whale bought 231.64 billion PEPE worth approximately $2.9 million from Kraken. These purchases occurred as PEPE's price was undergoing a recent correction, showcasing strong interest from large investors.
Price Dynamics and Market Support Levels
Pepe Coin's price had seen a significant rise in late May due to renewed interest in the digital currency sectors, driven by the financial analyst The Roaring Kitty's return. After reaching its all-time high of $0.00001717 on May 27, the price fell to the range of $0.00001490 and $0.00001340. However, on June 7, its price dropped to $0.00001277 and briefly fell to $0.00001198.
According to an analysis by BeInCrypto, PEPE dropped to $0.00001277 because it failed to maintain its support at $0.00001369. The currency now enjoys strong support around the $0.00001218 area. Its future trajectory will depend on whether it can trade above this support or fall below it.
Current Market Performance
At the time of writing, PEPE is trading at $0.00001245, up 1.5% in the last 24 hours. Despite the recent instability, the price has risen by 49% over the past 30 days. The strong interest from crypto whales and significant investments during price corrections indicate a potential for future growth in Pepe Coin's market value.
