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Frog-themed cryptocurrency $PEPE saw a sudden increase of nearly 7% as its price rose from intraday lows of $0.00000105 to highs of $0.00000118.
At the time of writing, $PEPE was 5% higher in the last 24 hours at $0.00000117. The recent increase in the $PEPE price coincides with immense buying by a crypto whale spotted in recent hours.
On-chain analytics provider Lookonchain reports massive whales that have been on a $PEPE buying spree.
Whale"0x31f5" spend 250K $USDC to buy 227B $PEPE at $0.0000011 again 2 hrs ago.
— Lookonchain (@lookonchain) June 9, 2023
The whale spent a total of 3.25M $USDC to buy 2.81T $PEPE.
The on-chain data shows that this whale is the SmartMoney who made ~$11.47M on $PEPE before!
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A threadhttps://t.co/C5x7OcktWH pic.twitter.com/G9krOMH2iE
According to the on-chain analytics firm, an anonymous whale, which it refers to as "0x31f5," spent $250,000 worth of $USDC to buy 227 billion $PEPE at $0.0000011.
Lookonchain adds that this whale has spent a total of 3.25 million $USDC to buy 2.81 trillion $PEPE tokens, having made nearly $11.47 million on $PEPE earlier. It also noted another massive whale, who spent 422 ETH worth $871,000 and another 200,000 $USDC to buy 4.23 trillion $PEPE from April 19 to April 27.
This whale was not an early buyer of $PEPE but kept on buying despite declining prices, Lookonchain added.
The on-chain analytics firm highlights that this whale has resumed buying $PEPE again.
$PEPE price action
Since hitting a record high of $0.0000043 roughly a month ago, Pepe coin's price has fallen by almost 73%. Despite recent declines, $PEPE is still trading 4,000% higher than its $0.00000044 debut price.
At its current price of $0.00000118, the next key barrier for $PEPE to squash remains the $0.0000013 level. On the other hand, $PEPE might find support near the $0.00000094 level if fresh declines arise.