Three crypto whales have spent roughly $4 million in the meme-based cryptocurrency $PEPE coin, despite the digital asset’s dropping value, in a display of high-stakes speculation.
Lookonchain, a popular blockchain activity tracking service, revealed on the microblogging network Twitter that this significant PEPE accumulation began after the price of the popular meme-inspired cryptocurrency began to fall.
The identity of the three investors is unknown, but one, identified by the beginning of its wallet address 0x50C1, took a particularly audacious action, withdrawing 1.4 trillion PEPE coins from Binance, the world’s top cryptocurrency exchange, at a cost of more than $2.76 million.
As the price of PEPE fell below $0.000002, two additional renowned crypto investors bought 636 billion $PEPE, trading 673 $ETH worth $1.2 million for the meme coin. These three investors have spent about $4 million in total to buy more than two trillion $PEPE. According to CryptoGlobe, PEPE’s trading volume surpassed that of other prominent cryptocurrencies with bigger market capitalizations earlier this month, including BNB Chain’s native token $BNB and $XRP.
Binance, which just revealed plans to float the meme coin in its Innovation Zone on May 5, accounts for the majority of PEPE’s trading volume. Following Binance’s announcement to list the meme-inspired cryptocurrency, several other prominent trading platforms, including KuCoin and Crypto.com, made similar statements.
PEPE is a hot meme coin inspired by the infamous meme and cartoon character Pepe the Frog, according to CryptoGlobe, and debuted to the market on April 17, 2023. Despite concerns regarding the contract owner’s potential capacity to change transaction taxes and blacklist functions, the PEPE market has experienced a spectacular boom. Following many centralized exchange listings, it is now a top 100 digital asset.
Previously, a lucky cryptocurrency investor appeared to have turned a 0.125 ETH investment in PEPE into a whopping $1.14 million in just a few days by purchasing in at the correct time.
PEPE has lost almost 7% of its value in the last seven days after increasing more than 72% in the previous week. The coin is currently worth $0.00000186, having reached a high of approximately $0.000004.