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On Sunday morning, an unknown cryptocurrency whale bought 231.6 billion PEPE tokens from Kraken, valued at about $2.9 million. This recent purchase adds to the whale's total holdings of 750.34 billion PEPE, amounting to $8.34 million since mid-March, reports Lookonchain.
PEPE, a meme cryptocurrency inspired by a famous cartoon frog, has been a hot topic since its debut last May. The token has seen substantial buying and selling activity from various investors, including the biggest one. A year later, the trend continues with major transactions still making headlines.
The whale's recent investment indicates a strong belief in PEPE's potential for further growth. This is notable given the token's already impressive gains. The speculation is that this whale expects more upward movement, possibly driven by bullish market trends.
A whale bought 231.6B $PEPE($2.9M) from #Kraken again 7 hours ago.
— Lookonchain (@lookonchain) June 9, 2024
The whale has bought a total of 750.34B $PEPE($8.34M) from #Kraken at an average price of $0.00001111 since Mar 16.https://t.co/AbxrKcG4So pic.twitter.com/iXfFmyDmMg
Despite a volatile market, the recent whale activity suggests a positive outlook for PEPE on their behalf. The token is currently trading at $0.000013 per token, which is 40% below its all-time high but still up by an impressive 1,040% from the start of the year.
Interestingly, PEPE often moves in sync with Ethereum (ETH), making it a potential indicator for ETH's performance. This unique relationship adds another layer of interest for popular meme cryptocurrency.
Overall, the large purchase of PEPE from the major U.S. exchange is a notable event in the cryptocurrency market, suggesting a bullish outlook for the meme-based token. Enthusiasts better be watching closely to see if this whale's bet pays off.