Investing.com - Crypto whales have shown strong interest in the popular meme cryptocurrency Pepe Coin (PEPE/USD), purchasing over $8 million worth during a price correction.
Interestingly, this acquisition comes amid the digital currency's price volatility following its peak in late May.
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Crypto whales are turning to meme coins
Blockchain data reveals that crypto whales bought large quantities of Pepe Coin over the weekend. On June 7, a wallet associated with investment firm Nascent acquired 447.67 billion PEPE from Binance, totaling about $5.5 million. This move made the meme coin the largest asset in the investment firm's portfolio, surpassing Maker (MKR/USD) and Tether (USDT), of which the firm holds $2.98 million and $973,557 respectively.
Meanwhile, another significant purchase occurred on June 8, when an unidentified whale bought 231.64 billion PEPE worth approximately $2.9 million from Kraken.
Notably, these purchases happened as PEPE's price was undergoing a recent correction. The meme coin's price had seen a significant rise in late May due to renewed interest in the digital currency sectors, driven by the financial analyst The Roaring Kitty's return.
After reaching its all-time high of $0.00001717 on May 27, the price fell to the range of $0.00001490 and $0.00001340. However, on June 7, its price dropped to $0.00001277 and briefly fell to $0.00001198.
According to an analysis by BeInCrypto, PEPE dropped to $0.00001277 because it failed to maintain its support at $0.00001369. The currency now enjoys strong support around the $0.00001218 area. Its future trajectory will depend on whether it can trade above this support or fall below it.
At the time of writing, PEPE is trading at $0.00001245, up 1.5% in the last 24 hours. Despite the recent instability, the price has risen by 49% over the past 30 days.