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Monday, June 10, 2024
HomeCryptoWhales buy $8 million PEPE dip, pushing token price up 4%

Whales buy $8 million PEPE dip, pushing token price up 4%

Crypto whales have shown strong interest in memecoin Pepe (PEPE), purchasing over $8 million in tokens during the price adjustment period.

Onchain data shows a wallet linked to investment firm Nascent has buy 447.67 billion PEPE from Binance, for a total value of about $5.5 million as of June 7. The move made PEPE the largest asset in Nascent’s portfolio, surpassing Maker (MKR) and Tether USD (USDT), holding $2.98 million and $973,557, respectively.

Source: Spotonchain

Another important transaction occurred on June 8 when an unidentified whale was caught buy 231.64 billion PEPE worth about 2.9 million USD from Kraken.

β€œIn total, whales have purchased 750.34 billion PEPE ($8.34 million) from Kraken at an average price of 0.00001111 USD since March 16,” Lookonchain said.

These significant purchases come as PEPE price has recently been consolidating after seeing a notable rally in late May due to renewed interest in the broader memecoin sector fueled by the return of Roaring Kitty financial analyst.

After hitting an all-time high at $0.00001717 on May 27, PEPE has consolidated around the $0.0000149-$0.0000134 range. However, at the time of writing, the token price is trading at $0.0000127, up 4% on the day, after a precipitous plunge to $0.0000119 on June 9.


According to Beincrypto

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.


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