After the price of Pepe (PEPE) dropped, prominent crypto investors accumulated vast quantities of the token.
Lookonchain, a blockchain-tracking service, identified three crypto whales purchasing over two trillion Pepe coins for over $4 million.
At the time of writing, the price of Pepe is $0.00000185, a decrease of 5.5% over the previous 24 hours.
The meme token has decreased by 56.97% since its all-time high of $0.00000431 was reached on May 5. Pepe, the 60th largest cryptocurrency by market capitalization, is one of the trendiest altcoins as of late.
In a matter of weeks, the price of Pepe has soared from its all-time low of $0.000000055142, registered on April 18.
Prior to the price of PEPE skyrocketing, Lookonchain observed several crypto whales snatching up the coin and profiting tremendously.
A recent observance has revealed that a trader made a significant profit from investing in PEPE and MEME coins. The trader bought four trillion PEPE tokens for 2.1 ETH ($4,410) just six hours after the token was listed and later sold 3.27 trillion of those tokens for $906,000 while holding onto 700 billion PEPE tokens valued at $808,000. The trader utilized a strategy of selling part of their holdings after each price surge in PEPE rather than selling all at once.
