Frog-themed cryptocurrency PEPE saw a sudden increase of nearly 7% as its price rose from intraday lows of $0.00000105 to highs of $0.00000118.
At the time of writing, PEPE was 5% higher in the last 24 hours at $0.00000117. The recent increase in the PEPE price coincides with immense buying by a crypto whale spotted in recent hours.
On-chain analytics provider Lookonchain reports massive whales that have been on a PEPE buying spree.
According to the on-chain analytics firm, an anonymous whale, which it refers to as "0x31f5," spent $250,000 worth of USDC to buy 227 billion PEPE at $0.0000011.
Lookonchain adds that this whale has spent a total of 3.25 million USDC to buy 2.81 trillion PEPE tokens, having made nearly $11.47 million on PEPE earlier. It also noted another massive whale, who spent 422 ETH worth $871,000 and another 200,000 USDC to buy 4.23 trillion PEPE from April 19 to April 27.
This whale was not an early buyer of PEPE but kept on buying despite declining prices, Lookonchain added.
The on-chain analytics firm highlights that this whale has resumed buying PEPE again.
PEPE price action
Since hitting a record high of $0.0000043 roughly a month ago, Pepe coin's price has fallen by almost 73%. Despite recent declines, PEPE is still trading 4,000% higher than its $0.00000044 debut price.
At its current price of $0.00000118, the next key barrier for PEPE to squash remains the $0.0000013 level. On the other hand, PEPE might find support near the $0.00000094 level if fresh declines arise.