The infamous Pepe cryptocurrency (PEPE) witnessed significant whale activity yesterday, with two major investors collectively purchasing a staggering 1.56 trillion tokens that amount to 1,100 Ether ($2.06 million), acording to blockchain analytics firm Lookonchain.
The first whale, operating under the moniker "yougetnothing.eth," acquired 874 billion Pepe tokens for 600 Ether ($1.12 million), followed by a second whale, identified as "0x4631," who invested 500 Ether ($936,000) to amass 685 billion tokens.
Just three months ago, in May, the Pepe token reached its all-time high at $0.00000431. However, it has since plunged 68% from this peak, creating an environment of wary speculation and diminished investor confidence in the meme-based digital asset.
Over the past week, the Pepe token has suffered further setbacks, depreciating 12.4%. This makes it one of the worst-performing coins among the top 10 cryptocurrencies. This plunge has shaken the market and left analysts and investors questioning the rationale behind the recent billion-dollar buy by crypto whales. It is a surprising move that starkly contrasts the current market sentiment and performance of the Pepe token.
Despite its recent downfall, the Pepe token still holds a robust market cap of approximately $569 million, with a 24-hour trading volume of $122 million.
The recent purchase by whales may be viewed as a vote of confidence or a speculative bet, depending on one's interpretation. It will be interesting to observe whether this large-scale acquisition catalyzes a recovery in the price of the Pepe token or if it continues to falter on an unpredictable crypto market.