Crypto whales have reportedly been accumulating significant amounts of PEPE coin, a meme-inspired cryptocurrency, despite the recent price decline.
Lookonchain, an on-chain analytics tool, revealed that three whales purchased large amounts of PEPE when the price dropped, with one of them withdrawing 1.4 trillion PEPE, worth $2.76 million, from Binance when the price was $0.000002054.
Binance, which listed PEPE on May 6, has witnessed high volumes of PEPE trading on its platform. Despite the price drop, PEPE’s trading volume was over $430 million at the time of writing, with most of it coming from Binance.
PEPE had peaked at an all-time high of $0.000004354 on May 5, with daily volumes of $1.61 billion. At present, PEPE is changing hands for $0.000001577, representing a 52% price decline.
Market experts, however, are questioning the sustainability of PEPE’s future as few investors hold vast amounts of the token, which is based on the Ethereum blockchain.