Interesting whale movements in Pepecoin (PEPE)! What’s going on?

According to on-chain data obtained by Lookonchain, a group of whales made strong purchases on Pepecoin (PEPE).

There is activity on the Pepecoin side, which is the latest product of the Memecoin craze and has left its mark on an era. Pepecoin fell out of favor and was pushed into the background due to the problem within the team. However, memecoin fans did not leave Pepecoin alone. While the project continues its progress, interesting developments took place in the past day.

Several newly opened wallets have made large purchases of PEPE. Purchases worth 100 thousands of dollars caused activity on the PEPE side. The popular memecoin is up more than 10 percent.

Pepecoin (PEPE) is on the rise

Pepecoin (PEPE), which emerged after memecoins such as Dogecoin, Shiba Inu and Floki, is back on the crypto agenda. PEPE, which was among the most rising altcoins of the day, created a question mark in minds. One of the reasons behind the rise of PEPE was whale movements.

On-chain data research organization Lookonchain announced that there were large purchases on the Pepecoin side and that whales were behind these purchases. The critical detail that Lookonchain underlines is that the purchasing wallets were not newly opened.

Looking at on-chain data, it was revealed that two new wallets were created in the past day and these wallets were purchasing PEPE. Wallets spent a total of $801,000 to purchase PEPE. After this large purchase made at once, there was activity on the PEPE side. It is not yet clear who made the purchases and why a new wallet was opened.

Additionally, a whale who previously earned $2.34 million on PEPE bought again. This whale paid 645 thousand dollars to buy PEPE. The whale, which had previously purchased nearly 1 million dollars, is among the names that profit from PEPE.

These purchases by whales paved the way for the rise of PEPE. Pepecoin, which had previously fallen out of favor due to problems in the project team, has come to the fore again. These days, when altcoins are on the rise in the crypto market, Pepecoin has taken over the memecoins.

The strongest resistance point for the popular memecoin to continue its rise is the levels shared in the chart above. If the $0.00000082 level is crossed, PEPE’s bull run may continue.