Crypto Whales Spend Millions Buying the Dip on PEPE As Prices Drop: On-Chain Data

Deep-pocketed crypto investors are scooping up huge amounts of Pepe (PEPE) after the memecoin’s price plummeted.

Blockchain tracker Lookonchain spotted three crypto whales purchasing more than two trillion Pepe coins combined for over $4 million.

“Three whales started to buy 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) at $0.000001942.
• 0x3AE8 bought 424 billion PEPE ($864,000) with 450 ETH ($831,000) at $0.000001957.”

Pepe is trading for $0.00000185 at time of writing, down 5.5% during the past 24 hours.

The meme token is down 56.97% from its all-time high of $0.00000431, which it hit on May 5th. Pepe, the 60th-largest crypto by market cap, is one of the hottest altcoins as of late.

Pepe has skyrocketed from its all-time low of $0.000000055142, which it recorded on April 18th, in a matter of weeks.

Lookonchain previously noticed several crypto whales gobbling up PEPE as the price began to soar, making massive profits on their investments.

“A SmartMoney bought 4 trillion PEPE at a cost of 2.1 ETH ($4,410) and made approximately $1.71 million!

And this guy 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 listed.

After each price surge in PEPE, he sold part of PEPE instead of selling all of them. He sold a total of 3.27 trillion PEPE for $906,000 and currently holds 700 billion PEPE worth $808,000.”

Generated Image: Midjourney