- Cryptocurrency whale purchases $13 million worth of meme coins over the past two days.
- On-chain analysis reveals significant acquisitions of Pepe (PEPE) tokens.
- “The whale’s latest purchase was facilitated through Binance,” according to Lookonchain data.
Discover the latest developments in the crypto market as a major player makes a substantial investment in meme coins, signaling potential trends and market movements.
Whale Buys $13 Million Worth of Meme Coins
In a significant move within the cryptocurrency market, a prominent whale has acquired $13.6 million worth of Pepe (PEPE) tokens over the past two days. This substantial purchase, highlighted by on-chain analysis platform Lookonchain, underscores the growing interest and potential in meme coins.
Details of the Acquisition
The whale’s latest acquisition occurred on May 23, when they purchased $5.54 million worth of 390.5 billion PEPE tokens via the Binance exchange. This transaction marks a continued trend of large-scale investments in meme coins, which have seen fluctuating interest and value in recent times.
Market Implications and Reactions
The whale’s investment comes at a time when Ethereum-based tokens, including PEPE, are experiencing notable price movements. Signals from the U.S. regarding the approval of a spot Ethereum ETF have contributed to these market dynamics, driving up the value of Ethereum and related assets.
PEPE’s Market Performance
According to CoinGecko, PEPE has seen a 9% increase in value over the past 24 hours, trading at $0.0000138 at the time of writing. This surge has propelled PEPE to the 24th position in terms of market capitalization within the cryptocurrency market, reflecting heightened investor interest and market activity.
Conclusion
The recent $13 million investment in PEPE by a cryptocurrency whale highlights the ongoing interest and potential volatility within the meme coin sector. As market participants closely monitor these developments, the actions of major players could signal future trends and opportunities in the broader crypto market.
