Blockchain tracking shows that a whale wallet labeled 0x6ea made a massive withdrawal from Binance, acquiring 1.79 trillion PEPE tokens worth over $22 million. Despite the significant buy, the token’s price continued to fall, trimming the whale’s holdings to around $21.9 million at press time.

PEPE, a prominent memecoin, has been hit hard in the latest altcoin market correction, shedding 8% in just 24 hours to trade around $0.00001222.

The broader downturn has especially impacted memecoins, with Pi Coin taking the steepest dive among the top 100 — down 11% on the day.

Interestingly, this wasn’t the only major PEPE buy recently. Prior to the 0x6ea transaction, another wallet — 0xaca — acquired nearly 97 billion PEPE tokens via KuCoin, spending approximately $1.28 million.

While the memecoin market reels, some whales appear to be treating the dip as an opportunity to accumulate at a discount — raising questions about whether these high-stakes purchases are bets on a rebound or signals of deeper market strategy.

The post Whales Dive Into PEPE Despite Market Slump – What Are They Seeing? appeared first on Coindoo.

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Filed under: Bitcoin - @ May 18, 2025 2:11 am