According to crypto analysis firm LookOnChain, a whale purchased $2.9 million worth of Pepe (PEPE) coins from Kraken. So far, the whale has bought a total of 750.34 billion coins from Kraken since Mar. 16, 2024, worth around $8.34 million, at an average price of $0.00001111.
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Pepe is among the best-performing cryptocurrencies of the last year. Since its launch in April 2023, the asset’s price has surged by over a thousand percent. The frog-themed memecoin has quickly claimed the charts and is currently the 26th largest crypto project by market cap.
Will Pepe rally after the whale purchase?
The popular memecoin has faced a significant correction in the last few days. The price dip may have prompted the whale to make the big purchase. The whale may be expecting a rally in the coming days.
The asset is currently down by nearly 3% in the daily charts, 13.5% in the weekly charts, and 26.3% in the 14-day charts. The correction may be due to higher-than-expected US employment data. The development has led to fading expectations of an early interest rate cut. However, the memecoin is still up by nearly 41% over the previous month and more than 1214% since June 2023.
Also Read: PEPE is Now the Most Profitable Meme Coin Ahead of SHIB & DOGE
According to CoinCodex, PEPE’s price will rally over the next weeks. The platform anticipates the memecoin to hit $0.00004132 on July 9.2024. Reaching $0.00004132 from current levels would translate to a growth of about 235.66%.
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Furthermore, Changelly also anticipates the asset’s price to surge over the next few days. The platform anticipates PEPE to hit $0.00001835 on June 17, 2024.