Lookonchain, a popular blockchain activity tracking service, reported on Twitter that the accumulation of PEPE began after the meme-based cryptocurrency’s price started to decline.
It’s unclear who the three investors are, but one of them, identified only by the beginning of their wallet address as 0x50C1, made a bold move by withdrawing 1.4 trillion PEPE coins from Binance, the world’s leading cryptocurrency exchange, at a total cost of over $2.76 million, according to popular blockchain activity tracking service Lookonchain’s Twitter account.
Two other prominent crypto investors collectively purchased 636 billion $PEPE as the price dipped below $0.000002. They exchanged 673 $ETH valued at $1.2 million for the meme coin. The identities of the three investors aren’t clear, but they have shelled out almost $4 million to acquire over two trillion $PEPE, making a bold move.
CryptoGlobe reported earlier this month that the trading volume of PEPE exceeded that of other major cryptocurrencies with higher market capitalizations, such as BNB Chain’s native token, $BNB, and $XRP.
Binance contributed most of PEPE’s trading volume after announcing to list of meme coins in its Innovation Zone on May 5. Following Binance’s announcement, major trading platforms like KuCoin and Crypto.com have also announced the listing of PEPE.
Although there have been concerns about the contract owner’s ability to modify transaction taxes and blacklist functions, PEPE has become a top 100 digital asset after being listed on multiple centralized exchanges.
Previously, a cryptocurrency investor appeared to have turned an investment of only 0.125 ETH into an astonishing $1.14 million within just a few days by purchasing PEPE at the appropriate time.
Also Read: What Is Pepe Coin and Its Price Prediction For 2023
Over the last seven days, PEPE’s value has decreased by around 7%, despite rising more than 72% over the past week. Currently trading at $0.00000186, the cryptocurrency has fallen from a high of approximately $0.000004.
