Deep-pocketed crypto investors are scooping up massive amounts of Pepe (PEPE) after the price of the memecoin plummeted.
Blockchain tracker Lookonchain spotted three crypto whales who together bought over two trillion Pepe coins for over $4 million.
“Three whales started buying PEPE after the price dropped.
- 0x50C1 withdrew 1.4 trillion PEPE ($2.76 million) from Binance when the price was $0.000002054.
- 0x2Baa bought 212 billion PEPE ($429,000) with 223 ETH ($412,000) for $0.000001942.
- 0x3AE8 bought 424 billion PEPE ($864,000) with 450 ETH ($831,000) for $0.000001957.
Pepe is trading at $0.00000185 at the time of writing, down 5.5% in the past 24 hours.
The meme token is down 56.97% from its all-time high of $0.00000431, which it reached on May 5. Pepe, the 60th largest crypto by market cap, has been one of the most popular altcoins lately.
Pepe has skyrocketed from its all-time low of $0.000000055142, which it recorded on April 18, in a matter of weeks.
Lookonchain previously noted that several crypto whales gobbled up PEPE as the price started to rise, making huge profits on their investments.
“A SmartMoney bought 4 trillion PEPE in the amount of 2.1 ETH ($4,410) and made about $1.71 million!
And this man also traded a lot of MEME coins.
The SmartMoney discovered PEPE and spent 2.1 ETH ($4,410) to buy four trillion PEPE six hours after PEPE was launched.
After each PEPE price increase, he sold part of PEPE instead of selling them all. He sold a total of 3.27 trillion PEPE for $906,000 and currently has 700 billion PEPE worth $808,000.
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