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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.