Crypto whales have shown a strong fascination with the infamous digital currency Pepe Coin (PEPE/USD), spending more than $8 million in a price correction.
This acquisition is interesting, as it is amidst the digital currency’s price volatility, which reached its highest in May.
Crypto whales are turning to meme coins.
Blockchain data shows that crypto whales bought huge amounts of Pepe Coin over the weekend. On June 7, a cryptocurrency wallet that was part of Nascent, an investment firm, purchased 447.67 million PEPE from Binance in the amount of $5.5 million. The move made the coin the biggest asset of the investment firm’s portfolio, eclipsing Maker (MKR/USD) along with Tether (USDT), from which the company owns $2.98 million and $973.557, respectively.
A second important purchase was made on June 8, the day an unidentified whale purchased 231.64 billion PEPE in the amount of $2.9 Million from Kraken.
In addition, these purchases occurred at a time when PEPE’s value was undergoing the latest correction. The meme price of PEPE experienced a boost of over 50% in the last week of May as a result of a boost in interest in the digital currency market, spurred by financial analysts The Roaring Kitty’s return.
After reaching the all-time highest at $0.00001717 at the end of May on the 27th, its price sank into a range between $0.00001490 and $0.00001340. On June 7, however, its price fell to $0.00001277 and then briefly dropped to $0.00001198.
Based on an analysis conducted by BeInCrypto, PEPE dropped to $0.00001277 because it was unable to sustain its support at $0.00001369. PEPE is now enjoying an incredibly strong support area around the $0.00001218 zone. Its direction in the near future will be contingent on whether it is able to move above this level or fall below it.
Significant Whale Purchases
- Investment firm Nascent On June 7, a wallet tied to Nascent, the investment company Nascent bought 447.67 billion of PEPE through Binance, which amounts to around $5.5 million. The acquisition resulted in PEPE being the biggest asset in Nascent’s portfolio, exceeding Maker (MKR/USD) along with Tether (USDT).
- Unidentified Whale June 8: another whale bought 231.64 billion PEPE valued at around $2.9 Million from Kraken.
Whale Profits and Market Impact
- Profitable Whale A memecoin whale who was savvy earned nearly $5 million in the space of a month and earned 52% ROI for their investment. PEPE’s price dipped more than 17% off its record-breaking peak. The Whale put all its PEPE holdings into a Binance wallet, raking in huge gains.
- Market Movements The total trading volume of meme coins, which includes PEPE, has seen a decrease, but the rise in whales’ interest suggests the possibility of future price fluctuations.
Price Analysis and Predictions
- Price Corrections: PEPE experienced a significant price increase towards the end of May, achieving an all-time record high of $0.00001717 in the afternoon of May 27. However, it has since been lowered, and there is an impressive support level around the $0.00001218 zone. According to the most recent data, PEPE is trading at $0.00001245. This is the price as a 1.5 per cent improvement over the past 24 hours and a 49% increase over the last 30 days.
- Future projection analysts predict that PEPE’s price may keep climbing in the event that it maintains its level of support. It is possible to see an improvement of 25% in the event that the bullish momentum continues to grow. However, there are warnings of a potential 20% correction should the current levels of support not work.
Whale Activity and Market Sentiment
- Whale Dumps: A few whales have sold large quantities of PEPE. This could indicate future price adjustments. For instance, one notable Whale sold 366 million PEPE onto Binance, which yielded an estimated profit of $4.84 million.
- Market Sentiment In spite of the selling pressure in the market, the overall outlook remains positive, with the potential for a rebound if whales hold on or invest in PEPE.
As of the writing time, PEPE is trading at $0.00001245 at the time of writing, a receive of 1.5 per cent over the last 24 hours. Despite the recent volatility, PEPE’s price has increased by 49% in the last 30 days.
