On June 7, 2024, the U.S. Dollar Index jumped significantly. Following this, the overall cryptocurrency market was suddenly impacted, and top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced massive liquidations. Amid this massive price drop, Nascent, a crypto investment firm, accumulated a massive 447.67 billion PEPE tokens worth $5.48 million from Binance as its price fell more than 12%, according to a Lookonchain post on X.
Whale adds $5.5 million of PEPE token amid price dip
Lookonchain, an on-chain analytics firm, highlighted that Nascent’s massive PEPE purchase resulted in a profit of $262,000, which is 4.8% of the investment amount. Following this massive PEPE purchase, Nascent’s top holding is now PEPE, followed by Maker (MKR) with an estimated profit of around $2.45 million, which is 248% of its investment.
Following yesterday’s price drop, it was observed that not only Nascent but also crypto whales, investors, and traders massively participated in PEPE and heavily accumulated it. Besides PEPE, massive buying was also spotted in other top cryptocurrencies like BTC, ETH, SOL, and BNB.
PEPE technical analysis and key levels
According to expert technical analysis, despite the massive price fall in PEPE, it appears bullish on both higher and shorter time frames. Currently, PEPE is taking support from the 200 EMA (exponential moving average), and during the price fall, it also retested its past breakout level. This retest signals bullishness in the chart on the 4-hour timeframe. From the current level, there is a high chance that PEPE could surge more than 16% and hit the $0.000015 level.
As of now, PEPE is moving near the $0.000013 level. In the last 24 hours, it experienced a price fall of 10%. Additionally, since the PEPE price fell, it has neither experienced an upside nor a downside move for the last 12 hours, consolidating in a tight range. During the price fall, PEPE made a low of $0.0000111. However, the 24-hour trading volume highlights investors’ and traders’ attention to the PEPE token, as it has increased by 126%.
If we look at the performance of PEPE over a longer period, in the last 7 days, due to this massive price drop, it experienced a 15% downside momentum. In the last 30 days, however, PEPE has experienced a massive 65% upside move.
