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Forget Shiba Inu And Dogecoin, Crypto Whales Are Buying Millions Worth Of This Meme Coin

Release: 2024/06/11 09:03 Reading: 545

Original author:Bitcoinist

Original source:https://bitcoinist.com/crypto-whales-meme-coin/

Forget Shiba Inu And Dogecoin, Crypto Whales Are Buying Millions Worth Of This Meme Coin

Crypto Whales Accumulate PEPE Amidst Market Volatility

Over the weekend, crypto whales have been actively accumulating PEPE tokens, signaling a potential shift in sentiment towards the meme coin. On-chain data reveals several significant purchases by whales, indicating a belief in PEPE's potential.

Whale Accumulation of PEPE

Following a period of volatility and price decline, PEPE has emerged as an attractive investment for whales. Multiple transactions involving billions of PEPE tokens have been recorded, suggesting that whales are positioning themselves for potential price appreciation.

One notable example is the acquisition of 447.67 billion PEPE tokens (worth $5.48 million) by venture capital firm Nascent. This move indicates Nascent's strong conviction in the meme coin and highlights its growing presence in Nascent's portfolio.

Additional Whale Purchases

Other significant accumulations include:

  • A withdrawal of 231.6 billion PEPE (worth $2.9 million) from Kraken by a whale who has been actively buying since March 16.
  • The transfer of 303.4 billion PEPE (worth $3.8 million) from Binance and OKX into two private wallets.

PEPE's Price Recovery

Despite recent price declines, PEPE has started to rebound after whale accumulation over the weekend. At the time of writing, PEPE is trading at $0.00001239, up 0.72% in the past 24 hours. This recovery suggests that whales' interest in PEPE may trigger a broader market rally.

Retail investors should closely monitor PEPE's price action and consider following the lead of whales, who are accumulating the token in anticipation of potential price appreciation.

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