Whale Acquires 105.33 Billion PEPE Tokens ($2M Worth of USDC) Amid Price Dip, Signaling Growing Confidence

This high-profile transaction signals significant confidence in the meme-based token's potential. The transaction follows a massive dip that PEPE registered recently.

An anonymous investor has made a large purchase of PEPE tokens, spending $2 million in USDC to acquire 105,328,301,633 (approximately 105.33 billion) tokens in a single transaction.

According to data from Lookonchain, the transaction occurred on November 20 at 06:36 p.m. (UTC). The user's address received $1 million and an additional $999,999 before making the purchase of PEPE tokens, bringing the total amount spent to $2 million.

At press time, the address only holds 105,330,808,933 PEPE tokens, with the portfolio's largest asset by dollar value being BNB.

Growing Confidence in Pepe Amid Price Dip

This high-profile transaction signals significant confidence in the meme-based token's potential, especially considering that the purchase was made following a massive dip that PEPE recently experienced.

Last week, PEPE spiked to an all-time high of $0.00002524 following its listing on Coinbase and Robinhood. Within hours, its market cap also skyrocketed from $8 billion to $10.46 billion.

This massive move sparked a debate that PEPE might flip Shiba Inu (SHIB) to rank as the second-biggest memecoin by market cap. However, as most investors expected PEPE to overtake SHIB in the memecoin ranking, the asset began its downward journey, crashing below the $0.00002 mark.

Expectedly, the dip prompted concerns among several PEPE investors, who chose caution over investing amid the volatility. However, this whale had a different mindset, seeing the latest dip as an opportunity to acquire PEPE at discounted prices.

Since the beginning of this month, whales have been accumulating huge volumes of PEPE, with Lookonchain indexing some of these transactions. On November 6, three large crypto investors acquired 835.6 billion PEPE ($7.94 million) from Gate.io and Binance.

Specifically, one of the whales moved 535.81 billion PEPE, worth $5.09 million, from Binance to an unknown address. Another Binance user transferred 163.37 billion PEPE from the exchange. Lastly, an unknown whale withdrew 135.45 billion PEPE from Gate.io.

PEPE Growth Potential

Launched last April, PEPE started trading at an initial price of $.00000005685 on the Ethereum-based decentralized exchange Uniswap.

The meme coin quickly caught the attention of top investors, pushing its valuation to $1 billion. Amid growing demand, PEPE eliminated three zeros from its price, leaving it with four zeros after its decimal.

Currently, PEPE trades for $0.00001931, with a market cap of $8.13 billion. This represents a decline of 5.13% in the past day and 18.45% over the past week.