According to blockchain analytics company Lookonchain, there was considerable whale activity yesterday on the infamous Pepe cryptocurrency (PEPE). Two huge investors bought a remarkable 1.56 trillion tokens, or 1,100 ether ($2.06 million), together.
The first whale, known as “yougetnothing.eth,” paid 600 Ether ($1.12 million) to purchase 874 billion Pepe tokens. The second whale, known as “0x4631,” spent 500 Ether ($936,000) to acquire 685 billion tokens.
The Pepe token hit its all-time high in under three months, in May, at $0.00000431. The meme-based digital currency has subsequently fallen 68% from its high, leading to a climate of cautious speculation and dwindling investor confidence.
The Pepe token has declined 12.4% during the last week due to more setbacks. This places it among the top 10 cryptocurrencies’ worst-performing coins. The market has been jolted by this decline, and experts and investors are now wondering why crypto whales recently made a billion-dollar purchase. The unexpected action contrasts sharply with the present market attitude and the Pepe token’s performance.
Despite its recent decline, the Pepe coin still has a healthy market worth of over $569 million and a $122 million 24-hour trading volume.
Depending on how it is interpreted, the recent purchase by whales might be seen as either a vote of confidence or a speculative play. It will be fascinating to see if this significant buy spurs a rise in the Pepe token’s price or if it keeps falling on the erratic crypto market.
