In a display of high-stakes speculation, three crypto whales have invested nearly $4 million in the meme-based cryptocurrency, $PEPE coin, despite the digital asset’s declining value.
Popular blockchain activity tracking service Lookonchain has reported on the microblogging platform Twitter that this substantial PEPE accumulation started after the price of the hot meme-inspired cryptocurrency started dipping.
The identities of the three investors aren’t clear, but one, known through the beginning of its wallet address 0x50C1, made a particularly bold move, withdrawing 1.4 trillion PEPE coins from Binance, the world’s leading cryptocurrency exchange, at a total cost of over $2.76 million.
As PEPE’s price slipped below $0.000002, two other prominent crypto investors collectively purchased 636 billion $PEPE, exchanging 673 $ETH valued at $1.2 million for the meme coin. In total, these three investors have shelled out almost $4 million to acquire more than two trillion $PEPE.
As CryptoGlobe reported, earlier this month PEPE saw its trading volume surpass that of other major cryptocurrencies with higher market capitalizations, including BNB Chain’s native token $BNB as well as $XRP.
The majority of PEPE’s trading volume originates from Binance, which recently announced plans to list the meme coin in its Innovation Zone on May 5. Binance’s announcement to list the meme-inspired cryptocurrency was followed by announcements from several other major trading platforms, including KuCoin and Crypto.com.
PEPE, as CryptoGlobe reported, is a hot meme coin inspired by the infamous meme and cartoon character Pepe the Frog, and was introduced to the market on April 17, 2023. Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.
Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.
PEPE has lost around 7% of its value over the last seven days, after rising more than 72% over the past week. The cryptocurrency is currently trading at $0.00000186, down from a high of around $0.000004.
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