The memecoin Pepe (PEPE) has garnered significant attention during the first half of this year, and recently, it made headlines again with substantial purchases amounting to over $2 million by two major cryptocurrency investors. As a result of this increased investor interest, the price of the PEPE token surged by more than 10%.
Investment of $2 Million in PEPE
The popular memecoin PEPE experienced notable whale activity when two major cryptocurrency investors bought a total of 1.56 trillion tokens. These tokens are equivalent to 1,100 ETH or a staggering $2.06 million. The first cryptocurrency whale acquired 874 billion PEPE, valued at approximately 600 ETH or around $1.12 million. Simultaneously, the second cryptocurrency whale purchased 685 billion PEPE, which amounted to approximately 500 ETH or around $936,000.
Just three months ago, PEPE reached its all-time high (ATH) of $0.00000431. However, since then, it has suffered a significant drop of 68%, leading to a decline in investor confidence. Nonetheless, the token gained attention last week as its price dropped by 12.4%, performing worse than many other memecoins and the majority of the cryptocurrency market.
Current Status of PEPE
According to CoinMarketCap data, the PEPE token is currently trading at $0.000001411, reflecting an impressive 13.41% increase in the last 24 hours. Presently, the memecoin boasts a market value of over $600 million and a trading volume of $143.55 million, which surged by over 65% in the last 24 hours, demonstrating a strong presence. However, it still remains priced below its ATH by 67.24%.
The recent billion-dollar investments made by crypto whales have surprised many, considering the current sensitivity and performance of the Pepe token. While some interpret these purchases as a vote of confidence, others perceive them as speculative investments.
The impact of these large-scale purchases, which triggered a 10% increase, remains uncertain. Market participants are eagerly watching to see if this will lead to a sustained rise in the altcoin’s price or if the unpredictable nature of the cryptocurrency market will continue to present significant challenges. The future of PEPE is closely intertwined with investor sentiment and the overall market conditions, making it an intriguing asset to follow for crypto enthusiasts and investors alike.