The cryptocurrency market can be a diverse landscape, with established projects like Bitcoin and Ethereum sharing space with newer ventures like Toncoin (TON). While the broader market experiences corrections, the meme coin PEPE is attracting big money. Investors looking for opportunities in the meme coin market should pay close attention. PEPE, a popular meme coin with a rapidly growing community valued at nearly $8 million, has been purchased by cryptocurrency whales during this turbulent period.
On-chain data shows that these major investors, referred to as whales, have been making calculated moves in PEPE. On June 7th, a major investment firm, Nascent, grabbed a whopping 447.67 billion PEPE from Binance for roughly $5.5 million. This hefty purchase made PEPE Nascent's biggest holding, even surpassing established coins like Maker (MKR) and Tether USD (USDT).
Should you invest in PEPE? Analysts are divided over PEPE's future trajectory. The recent whale activity indicates potential for development, but the coin's ability to maintain support levels is critical to monitor.
Another whale made a significant splash on June 8th, anonymously buying 231.64 billion PEPE worth $2.9 million from Kraken. This wasn't their first dip into the PEPE pool, with records showing a total of 750.34 billion PEPE ($8.34 million) scooped up from Kraken since March 16th.
Those following the PEPE price will be interested to know that these whale acquisitions coincide with a period of price consolidation for PEPE after its late-May rally. After peaking at $0.00001717 on May 27th, PEPE settled into a range between $0.00001490 and $0.00001340. However, it took a dip on June 7th, falling to $0.00001277 and briefly touching $0.00001198.
Analysts believe PEPE's inability to hold support levels, particularly at $0.00001369, triggered the recent downturn. Currently, PEPE finds support around $0.00001218, and its future price movement hinges on whether it can maintain or break through this crucial level.
