On Sunday morning, an unknown cryptocurrency tycoon purchased 231.6 billion PEPE tokens from Kraken, worth about $2.9 million. According to Lookonchain, the purchase increased the tycoon's total holdings to 750.34 billion PEPE, which has reached $8.34 million since mid-March.
PEPE, a meme cryptocurrency inspired by the famous cartoon frog, has been gaining attention since its debut in May last year. Various investors, including the largest investors, have made large purchases and sales of the token. A year later, the trend continues, with major transactions still making headlines.
The whale’s recent investment shows that he firmly believes that PEPE has the potential to grow further. This is noteworthy given the impressive gains the token has already made. Some speculate that the whale expects more gains to come, perhaps driven by bullish market trends.
Despite the volatility in the market, recent whale activity indicates a positive outlook for PEPE. The token is currently trading at $0.000013 per coin, 40% below its all-time high, but still up 1,040% since the beginning of the year.
Interestingly, PEPE often moves in sync with Ethereum (ETH), making it a potential indicator of ETH’s performance. This unique relationship adds another layer of interest to the popular meme cryptocurrency.
Overall, the massive purchase of PEPE by major US exchanges is a big deal in the cryptocurrency market, indicating a promising outlook for this meme-based token. Enthusiasts would do well to keep a close eye to see if this whale's bet will pay off. #Pepe
