One whale $PEPE purchased 231.6 billion PEPE tokens worth up to $2.9 million on the Kraken exchange. This is not the first time they have done this; as of March 16, the total amount they spent on PEPE was $8.34 million, purchasing 750.34 billion tokens at an average purchase price of $0.00001111/token.

The whale's wallet address has been announced as "0x689d6140131b2a5eb2fb899b1b180ea23b2b869b" and the community is keeping a close eye on what their next move will be. Current technical analysis shows that PEPE is in a bearish trend and could fall another 40-50% in the coming weeks. Strong support for PEPE/USDT is at $0.000001, while resistance levels are at $0.0000022 and $0.0000028.

However, the strong accumulation of whales even as the price falls shows belief in PEPE's future growth potential. Analysts say whale activity could be a sign of rising prices to come. This is supported by on-chain data which shows that the number of PEPE holders has exceeded 100,000, meaning that buying activity continues despite the downward trend in prices.

Investors need to keep a close eye on further developments.