Crypto Whales Scoop Up Pepe Tokens By The Billions: Is This Memecoin The Next Big Thing?

Crypto whales are excited about the Pepe PEPE/USD token, even though it nose-dived nearly 60% in value from its all-time highs over the last two days.

One whale withdrew a staggering 1.4 trillion Pepe tokens, valued at $2.76 million, from the Binance exchange when the price was $0.000002054.

Another investor purchased 212 billion tokens, worth $429,000, using Ethereum ETH/USD at $0.000001942.

A third whale acquired 424 billion Pepe tokens, with a total value of $864,000, also using Ethereum as the mode of transaction, at $0.000001957, according to data shared by the on-chain analytics tool Lookonchain.

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

These large-scale investments in Pepe tokens suggest that the whales may have identified an opportunity to capitalize on the digital asset's lower prices, anticipating a potential upswing in its value. As market uncertainty continues, it remains to be seen whether their investments will pay off in the long run.

Meanwhile, the leading 15 holders of the meme-based cryptocurrency PepeCoin, excluding exchanges and contract addresses, own a substantial portion of the total circulation.

Combined, they hold 38.07 trillion PEPE tokens, representing 9.05% of the entire circulating supply.

These PEPE whales have seen significant returns on their investments, with their total profits reaching a remarkable $92.6 million.

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The average purchase price for these top holders was $0.0000000853 per PEPE token.

Inspired by the "Pepe the Frog" meme, PEPE is currently trading at $0.00000194, a decline of over 5% compared to the previous day.

PEPE, an ERC-20 token with a total supply of 420.69 trillion tokens, has joined the ranks of meme coins, which are tokens inspired by internet memes and pop culture references.

Over the years, various Pepe the Frog NFTs and tokens have emerged, but the recent PEPE token has been particularly successful in capturing the attention of the market.

The official Twitter account for PepeCoin refers to it as the "ultimate memeable memecoin," playfully implying that the era of dog-themed meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD is over.

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