CryptoCrypto Whales Dive into Pepe Coin Amidst Market Volatility

Crypto Whales Dive into Pepe Coin Amidst Market Volatility

Amidst the recent fluctuations in the cryptocurrency market, notable crypto whales have shown keen interest in Pepe Coin (PEPE/USD), purchasing a substantial sum exceeding $8 million during a period of price correction.

Blockchain data analysis unveils significant acquisitions of Pepe Coin by crypto whales over the past weekend. On June 7, an investment firm identified as Nascent acquired a staggering 447.67 billion PEPE from Binance, totaling approximately $5.5 million. This acquisition propelled Pepe Coin to become the largest asset in Nascent’s portfolio, surpassing holdings in Maker (MKR/USD) and Tether (USDT), which stand at $2.98 million and $973,557, respectively.

Additionally, on June 8, another notable purchase occurred as an unidentified whale procured 231.64 billion PEPE valued at around $2.9 million from Kraken.

These strategic acquisitions coincide with a period of price correction for PEPE, which experienced heightened volatility following its peak in late May. After reaching an all-time high of $0.00001717 on May 27, the price underwent a downward trajectory, reaching a range between $0.00001490 and $0.00001340. Subsequently, on June 7, the price descended to $0.00001277, briefly touching $0.00001198.

An analysis by BeInCrypto attributes PEPE’s decline to its failure to maintain support at $0.00001369, with the currency now finding robust support around the $0.00001218 level. The future trajectory of PEPE hinges on its ability to either sustain trading above this support or breach it.

At present, PEPE is trading at $0.00001245, marking a 1.5% increase over the last 24 hours. Despite recent market turbulence, the coin has witnessed a notable 49% surge in price over the past 30 days.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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