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.
A newly activated crypto wallet has made a massive purchase of PEPE tokens, even as the token faces a sharp downturn and the broader market continues to decline.
According to blockchain tracking, a whale wallet labeled 0x6ea made a large withdrawal from Binance, acquiring 1.79 trillion PEPE tokens for about $22 million. However, 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% 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.
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 is reeling and faces potential closure on major exchange platforms, some whales appear to be treating the dip as an opportunity to accumulate at a discount. This raises questions about whether these high-stakes purchases are bets on a rebound or signals of deeper market strategy.
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