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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