- Pepe token is still declining, but a whale is actively buying.
- According to recent on-chain records, this whale spent a whopping $529k on Pepe tokens.
Pepe is not having it good in the crypto market. Apparently, a lot of things are happening which are not going their way. Recently, the price declined after a malicious activity involving their multi-signature contracts. But it looks like a Pepe whale is taking advantage of this price decline.
Pepe Whale Purchases Over 600 Billion Pepe Tokens
- According to information from the on-chain analysis platform Lookonchain, a Pepe whale recently made massive transactions. Apparently, these transactions show how much faith some crypto investors still have over the meme coin.
- During the early days of this crypto token, it was on top of the market. It saw its trading volume overtake many prominent altcoins. However, since the price decline, the meme coin looks more dead than alive. The project now mostly looks like something many investors use for shorting.
- Nevertheless, this Pepe whale took a leap of faith and invested a whopping $529k in this token. Apparently, Pepe’s price dropped due to hacking concerns in the multi-signature wallet. This Pepe whale took the opportunity to invest 320 Ethereum to invest in Pepe.
Previous Transactions from the Pepe Whale
- Before this recent transaction, this Pepe whale made other transactions involving the Pepe token. This is according to the details provided by Lookonchain.
- Previously, this Pepe whale used 280 Ethereum (equivalent to $507,000) to obtain 500 billion PEPE tokens. This happened on June 5th. Furthermore, this same Pepe Whale spent 253 Ethereum (worth $481,000) to acquire 164 billion PEPE tokens. This other transaction happened on 6th May. From every indication, it looks like this whale looks like this Pepe whale is a believer in the meme coin.
Pepe Price Update
- Pepe’s price over the past 24 hours isn’t still looking good. However, it seems the meme coin is making a slow but volatile recovery after some massive decline. At the time of writing, Pepe’s price is still down by more than 9% in the past 24 hours.
- The same thing is happening to the weekly price charts. It is down by more than 17%. The monthly charts largely remain the same at more than a 30% decline. Apparently, this Pepe whale might have enough patience for this meme coin to make massive gains.
- With the current market situation, it seems extremely risky to invest in meme coins. Nevertheless, Pepe is doing quite well in the trading volume. At the time of writing, it is up by more than 170%. This places it as the number 10 crypto in the rankings.
Conclusion
The Pepe token price isn’t encouraging to many investors. However, there’s this whale who strongly believes in this meme coin. According to several transactions over time, it shows a large amount of funds going into this meme coin by the Pepe Whale. Recently, the whale spent a whopping $529k on this meme coin.
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Image by brgfx on Freepik
