Cryptocurrency whales have been spending millions to buy Pepe (PEPE) coins during recent price drops. Pepe, a meme token that has recently gained popularity, saw its prices plummet, prompting deep-pocketed investors to scoop up huge amounts of the coin. According to blockchain tracker Lookonchain, three crypto whales purchased over two trillion Pepe coins combined for more than $4 million.
Lookonchain observed that the three whales began to buy PEPE after the price dropped. One of the whales withdrew 1.4 trillion PEPE, worth $2.76 million, from Binance when the price of the crypto was $0.000002054. Another whale bought 212 billion PEPE for $429,000 using 223 ETH ($412,000) when the price was $0.000001942. The third whale purchased 424 billion PEPE worth $864,000 with 450 ETH ($831,000) when the price was $0.000001957. At the time of writing, Pepe is trading for $0.00000185, down 5.5% in the past 24 hours.
The meme token is currently down 56.97% from its all-time high of $0.00000431, which it reached on May 5th. Pepe, ranked as the 60th largest cryptocurrency by market cap, has recently become one of the hottest altcoins in the market. The coin experienced a swift rise from its all-time low of $0.000000055142, which it recorded on April 18th, in a matter of weeks.
Lookonchain had previously noticed several crypto whales acquiring PEPE as the price began to soar, making massive profits on their investments. One example is a smart money investor who bought 4 trillion PEPE at a cost of 2.1 ETH ($4,410) and made approximately $1.71 million. This investor also traded a lot of meme coins. They discovered PEPE and spent 2.1 ETH ($4,410) to buy four trillion PEPE six hours after the coin was listed.
Instead of selling all of their PEPE coins after each price surge, the smart money investor sold part of their PEPE holdings. They sold a total of 3.27 trillion PEPE for $906,000 and currently hold 700 billion PEPE, worth $808,000. It is not uncommon for cryptocurrency whales to buy the dip in prices, as they often have deep pockets and can afford to hold on to their investments for longer periods.
The recent purchases of PEPE coins by crypto whales are an indication of the growing interest in meme coins, of which Pepe is a prime example. The rising popularity of these coins can be attributed to various factors, including the increasing influence of social media platforms, where memes can rapidly spread and gain a larger following. Additionally, the success of meme coins like Dogecoin (DOGE) has inspired investors to seek out other similar coins in the hopes of making substantial profits.
In conclusion, the recent price drop of Pepe (PEPE) coins has prompted deep-pocketed cryptocurrency investors, known as whales, to purchase substantial amounts of the meme token. Blockchain tracker Lookonchain has identified three crypto whales who bought over 2 trillion PEPE coins combined for more than $4 million. The growing interest in meme tokens like Pepe reflects a broader trend in the crypto space, as social media platforms continue to contribute to the rapid spread of these digital assets, and investors look for profitable investment opportunities in the ever-evolving altcoin market.