A crypto whale has purchased 231.6 billion $PEPE tokens, valued at $2.9 million, from the Kraken exchange a few hours ago. This whale, an entity that refers to a holder of a significant amount of cryptocurrency, has been purchasing $PEPE tokens.
A whale bought 231.6B $PEPE($2.9M) from #Kraken again 7 hours ago.The whale has bought a total of 750.34B $PEPE($8.34M) from #Kraken at an average price of $0.00001111 since Mar 16.https://t.co/AbxrKcG4So pic.twitter.com/iXfFmyDmMg
— Lookonchain (@lookonchain) June 9, 2024
Whale’s $8.34M Investment in $PEPE Signals Confidence in Memecoin
From March 16 to the current date, the whale has made a total of 750.34 billion $PEPE tokens, spending $8.34 million. The average price for these tokens is $0.00001111 each, according to Lookonchain, a blockchain analysis platform.
The fact that whales are investing so heavily at this time in $PEPE. This activity of whales indicates that $PEPE, a favorite memecoin, has some serious potential. The concept of memecoins is popular among big investors. These cryptocurrencies thrive off of internet meme communities and enthusiasm rather than traditional financial metrics, such as cash flows.
Crypto Community Watches $PEPE for Potential ATH
The substantial and ongoing investment from whales in $PEPE makes it seem they are preparing for a much higher price, setting highs in $PEPE.
The attention of such a major investor underscores the speculative nature of the cryptocurrency market, with significant market movements occurring as a result of actions made by large players. Because of this, the eyes of many in the crypto community are now following $PEPE to see if this memecoin will actually go to new all-time high.