Deep-pocketed investors in the cryptocurrency market have been purchasing significant amounts of Pepe Coins (PEPE) at a discounted price after its value plummeted. Three identified cryptocurrency whales made the purchases, buying a total of over two trillion Pepe Coins for over $4 million. Lookonchain, a blockchain tracker, noted the transactions.
The price of Pepe is currently trading at $0.00000185 as of writing, having fallen 5.5% in the last 24 hours. It is down 56.97% from its all-time high of $0.00000431, which it achieved on May 5th. Pepe, the 60th-largest cryptocurrency by market cap, is one of the trending altcoins in recent times.
In a matter of weeks, Pepe has experienced an incredible surge from its low of $0.000000055142 recorded on April 18th, leading to several cryptocurrency whales gobbling up significant amounts of the altcoin and making massive profits on their investments.
The first identified crypto whale, known as 0x50C1, withdrew 1.4 trillion Pepe coins valued at $2.76 million from Binance when the price was $0.000002054. The second whale, identified as 0x2Baa, purchased 212 billion Pepe coins, costing $429,000 with 223 ETH worth $412,000 at $0.000001942. Finally, the third whale purchased 424 billion Pepe coins worth $864,000 with 450 ETH valued at $831,000 at $0.000001957 and is identified as 0x3AE8.
This trend of buying significant amounts of Pepe coins is not new, as Lookonchain previously identified other crypto whales buying up Pepe as its price started to soar. For instance, SmartMoney purchased 4 trillion Pepe coins for a cost of 2.1 ETH ($4,410) and made approximately $1.71 million. SmartMoney discovered Pepe and bought four trillion Pepe coins for 2.1 ETH ($4,410), six hours after it was listed. After each price surge of Pepe, SmartMoney sold part of the Pepe coins he held instead of selling them all. Eventually, SmartMoney sold a total of 3.27 trillion Pepe coins for $906,000, retaining 700 billion Pepe coins worth $808,000.
Pepe is deemed a meme token that has become a popular alternative cryptocurrency among investors. The cryptocurrency market is typically volatile, and these trends of buying and selling different altcoins are widespread. Investors should always do their research and conduct due diligence before purchasing any crypto assets.
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In conclusion, Pepe’s trend in the market is a clear indication of how rapidly alternative cryptocurrencies are gaining momentum among investors, even though the price of Pepe has fallen, investors are taking advantage of the opportunity to purchase the altcoin at a discounted price, which is an excellent example of the volatile nature of the cryptocurrency market.