According to cryptocurrency analytics firm LookOnChain, a whale wallet purchased 231.6 billion Pepe (PEPE) tokens for $2.9 million from Kraken. The whale has purchased a total of 750.34 billion tokens since March 16, 2024, worth around $8.34 million.
The whale's massive purchase comes amid a significant correction for the frog-themed crypto. The asset's price fell 16.2% on the weekly chart and almost 25% on the 14-day chart. However, memecoin was still up 1.9% on the daily chart and 44.6% from the previous week.
Pepe has been performing incredibly since its launch last year. The asset is among the best-performing cryptocurrencies and recently reached an all-time high of $0.00001717 on May 17, 2024. Since then, the memecoin price has fallen by around 26%.
Will PEPE recover its all-time high?
Despite the recent correction, many analysts predict that the frog-themed memecoin will gain momentum soon. According to CoinCodex, PEPE will reach a new all-time high on June 16, 2024. Additionally, the platform predicts the memecoin will reach $0.00004180 on July 8, 2024, an increase of around 231.2 %.
Changelly also paints an optimistic picture for the frog-themed memecoin in the coming weeks. The platform predicts that PEPE will reach a new all-time high of $0.00001809 on June 16, 2024. Furthermore, Changelly predicts that the asset will surpass the $0.00004 mark next month, reaching $0. 00004141 on July 7, 2024.
Pepe and other memecoins such as Bonk (BONK), dogwifhat (WIF), Flolki (FLOKI), etc. have seen incredible growth in recent months. Memecoins outperformed top projects by a large margin. Solana-based memecoins, in particular, have had a stellar year so far.
