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PEPE coin attracts $8 million from whales

Crypto whales showed keen interest in PEPE, purchasing over $8 million during the price correction.

Interestingly, this acquisition comes at a time when the PEPE price is volatile following its peak at the end of May.

Strategic movements of crypto whales in PEPE coin

On-Chain Data Reveals Crypto Whales Bought Large Amounts of PEPE During the weekend. On June 7, He took over A wallet linked to investment company Nascent received 447.67 billion PEPE from Binance, for a total of approximately $5.5 million. The move made PEPE the largest asset in Nascent's portfolio, surpassing Maker (MKR) and Tether USD (USDT), which hold $2.98 million and $973,557, respectively.

Read more: Baby: a complete guide to what it is and how it works

Nascent's portfolio.
Emerging portfolio. Source: Spot on the channel

Another major purchase took place on June 8. I buy Unidentified whale, $231.64 billion baby worth approximately $2.9 million from Kraken. Lookonchain said this transaction is based on a series of purchases.

She added: "The whale purchased a total of 750.34 billion pepi ($8.34 million) from Kraken at an average price of $0.00001111 since March 16."

Historical PEPE Whale Transactions.
Baby Whale Historical Transactions. Source: X/Loconchain

These large purchases took place as the PEPE price was consolidating recently. PEPE saw a notable increase in late May due to renewed interest in the broader coin sectors, supported by the return of financial analyst The Roaring Kitty.

After hitting an all-time high of $0.00001717 on May 27, PEPE consolidated around the $0.00001490 and $0.00001340 range. However, on June 7, its price dropped to $0.00001277 and temporarily to $0.00001198.

According to a previous analysis by BeInCrypto, the meme coin fell to $0.00001277 as it failed to hold its support at $0.00001369. PEPE now enjoys strong support around the $0.00001218 area. Its future development will depend on its ability to trade above or cross this support.

Learn more: Pepe (PEPE) Price Forecast for 2024, 2025, 2026, 2027

At the time of writing, PEPE is now trading at $0.00001246. Despite the recent instability, PEPE has increased by 43.1% over the past month.

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