A newly activated crypto wallet has caught the attention of on-chain analysts after snapping up an enormous amount of PEPE tokens — even as the token faces a sharp downturn.
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.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/whales-dive-into-pepe-despite-market-slump-what-are-they-seeing/