Exploring Crypto Whales’ Fascination with Pepe (PEPE)
Crypto whales have recently displayed a keen interest in the Pepe (PEPE) meme coin by acquiring over $8 million worth of the digital asset during a price correction phase. This intriguing development coincides with the period when PEPE’s price has been fluctuating following its peak towards the end of May.
Crypto Whales’ Strategic Moves in PEPE
- On June 7, data from the blockchain indicated that several crypto whales made substantial purchases of PEPE.
- One wallet associated with investment firm Nascent procured 447.67 billion PEPE tokens from Binance, totaling approximately $5.5 million.
- This acquisition elevated PEPE to the top position in Nascent’s investment portfolio, surpassing the values of Maker (MKR) and Tether USD (USDT).
- Another notable transaction occurred on June 8 when an unidentified whale bought 231.64 billion PEPE tokens worth around $2.9 million from Kraken, marking a series of significant purchases by the same whale.
Noteworthy Observations:
- The whale has accumulated a total of 750.34 billion PEPE tokens (equivalent to $8.34 million) from Kraken since March 16.
- PEPE’s historical transaction data reveals substantial purchases during the consolidation phase of the token’s price.
Looming Price Volatility:
- Following a remarkable surge in late May, PEPE experienced a period of consolidation within the $0.00001490-$0.00001340 range.
- Subsequently, the token underwent a price correction, dropping to $0.00001277 on June 7 and briefly touching $0.00001198.
- An analysis suggested that PEPE struggled to uphold its support at $0.00001369, leading to the decline in price.
- Currently, PEPE stands at $0.00001246, having gained 43.1% in the last month despite recent price fluctuations.
Future Trajectory of PEPE
PEPE’s future pricing trajectory hinges on its ability to either trade above or breach the crucial support level of $0.00001218. Investors and traders are closely monitoring these developments to anticipate the token’s performance in the near term.
Hot Take: Evaluating the Crypto Reader’s Potential
If you are a crypto enthusiast, monitoring the strategic moves of crypto whales in acquiring meme coins like PEPE can provide valuable insights into market dynamics and potential price movements. Stay informed and vigilant to make informed decisions regarding your crypto investments.
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