Data on the blockchain reveals that cryptocurrency whales purchased large amounts of PipCoin over the weekend. On June 7, a portfolio linked to investment firm Nascent acquired 447.67 billion PIP from Binance, for a total of about $5.5 million. The move made the meme the largest asset in the investment company's portfolio, overtaking Maker (MKR) and Tether USD (USDT), of which the company owns $2.98 million and $973,557, respectively.

Meanwhile, another important purchase occurred on June 8. An unidentified whale bought 231.64 billion pips worth approximately $2.9 million from Kraken

Notably, these purchases occurred when the PIP price was experiencing a recent correction. The price of the meme token witnessed a noticeable increase in late May due to renewed interest in the digital currency sectors in general, driven by the return of financial analyst The Roaring Kitty.

After reaching an all-time high of $0.00001717 on May 27, the price fell to a range of $0.00001490 and $0.00001340. However, on June 7, its price fell to $0.00001277 and temporarily fell to $0.00001198.

According to BeInCrypto analysis, the meme coin fell to $0.00001277 because it failed to maintain its support at $0.00001369.