On Sunday morning, an unknown crypto whale purchased 231.6 billion PEPE tokens from Kraken, worth approximately $2.9 million. This recent purchase added to the whale's total holdings of 750.34 billion PEPE, amounting to $8.34 million since mid-March, Lookonchain reported.
PEPE, a meme cryptocurrency inspired by a popular cartoon frog, has become a hot topic since its launch last May. The token has seen significant buying and selling activity from various investors, including the largest investor. A year later, the trend continues with major deals still making headlines.
The whale's recent investment shows strong confidence in PEPE's further growth potential. This is notable because of the token's already impressive capital gains. It is speculated that this whale expects more upward movement, possibly driven by a bullish market trend.
💬 A whale bought back 231.6 billion PEPE ($2.9 million) from Kraken 7 hours ago.
Whales have bought a total of 750.34 billion PEPE ($8.34 million) from Kraken at an average price of 0.00001111 USD since March 16
— Lookonchain June 9, 2024
Despite the volatile market, recent whale activity shows a positive outlook for PEPE. The token is currently trading at $0.000013 per token, 40% below its all-time high but still up an impressive 1,040% YTD.
Interestingly, PEPE often moves in sync with Ethereum (ETH), making it a potential indicator of ETH performance. This unique relationship adds another layer of interest to the popular meme cryptocurrency.
Overall, the bulk purchase of PEPE from the major US exchange was a notable event in the crypto market, showing bullish prospects for the meme-based token. Enthusiasts should watch closely to see if this whale deal is successful.
