Three whales have spent almost $4M buying PEPE meme coin as its price drops while crypto enthusiasts debate its future.
The recently launched PEPE meme coin has continued to catch the attention of some big players in the crypto market. According to Lookonchain, a well-known market tracker in the crypto community, three whales, whose identities remain unknown, started to buy PEPE after the price dropped.
One of the whales, identified as 0x50C1, withdrew a staggering 1.4 trillion PEPE worth over $2.76 million from the largest crypto exchange, Binance. At the time of the withdrawal, the meme coin traded at $0.000002054.
However, as PEPE plunged below $0.000002, two other prominent crypto investors jointly bought 636 billion units of PEPE using 673 Ethereum (ETH) tokens worth $1.2 million. Cumulatively, the three whales have expended nearly $4 million to accumulate over two trillion units of the PEPE meme coin.
3 whales started to buy $PEPE after the price dropped.
0x50C1 withdrew 1.4T $PEPE($2.76M) from #Binance when the price was $0.000002054.
0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.
0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI
— Lookonchain (@lookonchain) May 9, 2023
At the time of writing, data from the popular market tracking platform, CoinGecko, shows that PEPE is down by over 16.7% in the last 24 hours. Interestingly, the coin is up by 62.2% on a seven-day window.
PEPE Coin Future
While it is unclear why the three crypto whales have decided to buy such a massive amount of PEPE as the price trades in the red, some crypto enthusiasts argued that the whales would be stuck, carrying bags for some time, claiming the coin’s bullish season is over.
On the other hand, industry insiders like Tony JRNY, founder of Planet XOLO, believe that the PEPE rally is not yet over. In a recent tweet, Tony disclosed that he intends to utilize the dollar cost average (DCA) strategy to procure more PEPE tokens once the asset finds support in the ongoing dip.
Notably, DCA is an investment strategy that involves buying a fixed amount of a coin at regular intervals, regardless of the asset’s price fluctuations. The is to reduce the impact of short-term volatility.
Therefore, JRNY has high hopes for PEPE’s future, expressing that the coin’s eventual pump will be astronomical when the bull market arrives. Using a market chart, the Planet XOLO founder theorized that PEPE’s current movement would be comparable to the 2021 price action of Shiba Inu’s, the second-largest meme coin.
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