Crypto whales have shown strong interest in memecoin Pepe (PEPE), purchasing over $8 million in tokens during the price adjustment period.
Onchain data shows that a wallet linked to investment firm Nascent had purchased 447.67 billion PEPE from Binance, for a total value of about $5.5 million, on June 7. The move made PEPE an asset. The largest asset in Nascent's portfolio, surpassing Maker (MKR) and Tether USD (USDT), holding $2.98 million and $973,557 respectively.
Source: Spotonchain
Another significant transaction occurred on June 8 when an unknown whale purchased 231.64 billion PEPE worth approximately $2.9 million from Kraken.
“In total, whales have purchased 750.34 billion PEPE ($8.34 million) from Kraken at an average price of 0.00001111 USD since March 16,” Lookonchain said.
These significant purchases come as PEPE price has recently been consolidating after seeing a notable rally in late May due to renewed interest in the broader memecoin sector fueled by the return of financial analyst Roaring Kitty.
After hitting an all-time high at $0.00001717 on May 27, PEPE has consolidated around the $0.0000149-$0.0000134 range. However, at the time of writing, the token price is trading at $0.0000127, up 4% on the day, after a precipitous plunge to $0.0000119 on June 9.
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