Pepe: Whale Buys $2.9 Million PEPE Amid 25% Correction

Paigambar Mohan Raj
Source: Twitter

According to cryptocurrency analysis firm LookOnChain, a whale wallet purchased 231.6 billion Pepe (PEPE) tokens for $2.9 million from Kraken. The whale has bought a total of 750.34 billion tokens since March 16, 2024, worth around $8.34 million.

Also Read: Pepe and Bonk Prices Fall As Traders Eye New Meme Coin Opportunity

The whale’s massive purchase comes amid a significant correction for the frog-themed crypto. The asset’s price is down 16.2% in the weekly chart and nearly 25% in the 14-day charts. However, the memecoin is still up by 1.9% in the daily chart and 44.6% over the previous week.

Source: CoinGecko

Also Read: Cryptocurrency: Pepe Coin Investor Makes $5.3 Million in Just 6 Months

Pepe has displayed incredible performance since its launch last year. The asset is among the best-performing cryptocurrencies and recently hit an all-time high of $0.00001717 on May 17, 2024. The memecoin’s price has since fallen by around 26%.

Will PEPE reclaim its all-time high?

Source – Coin98

Despite the recent correction, many analysts anticipate the frog-themed memecoin to gain momentum soon. According to CoinCodex, PEPE will hit a new all-time high on June 16, 2024. Moreover, the platform anticipates the memecoin to reach $0.00004180 on July 8, 2024, a rise of about 231.2%.

Source: CoinCodex

Changelly also paints a bullish picture for the frog-themed memecoin over the next few weeks. The platform anticipates PEPE to hit a new all-time high of $0.00001809 on June 16, 2024. Moreover, Changelly predicts the asset to breach the $0.00004 mark next month, hitting $0.00004141 on July 7, 2024.

Also Read: PEPE is Now the Most Profitable Meme Coin Ahead of SHIB & DOGE

Pepe, and other memecoins, such as Bonk (BONK), dogwifhat (WIF), Flolki (FLOKI), etc., have seen incredible growth over the past several months. Memecoins have outperformed the top projects by a large margin. Solana-based memecoins, in particular, have had a stellar year so far.