PEPE, the newly launched meme coin, has continued to attract the attention of crypto investors despite its recent price fall. Three whales, whose names are still unknown, reportedly began purchasing PEPE when the price fell, according to Lookonchain, a well-known market tracker in the cryptocurrency world. While cryptocurrency fans argue over its future, the three whales have spent nearly $4 million purchasing PEPE meme coins.

3 whales started to buy $PEPE after the price dropped.

0x50C1 withdrew 1.4T $PEPE($2.76M) from #Binance when the price was $0.000002054.

0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.

0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI

— Lookonchain (@lookonchain) May 9, 2023

One of the whales, identified as 0x50C1, transferred an astounding 1.4 trillion PEPE from Binance, the biggest cryptocurrency exchange valued at more than $2.76 million. The meme coin’s price at the moment of the withdrawal was $0.000002054. 

However, two additional well-known cryptocurrency investors bought 636 billion units of PEPE using 673 Ethereum (ETH) tokens worth $1.2 million as PEPE fell below $0.000002. According to data from Coinmarketcap, PEPE has decreased by more than 4.23% over the previous 24 hours. Interestingly, over seven days, the coin has increased by 74.49%.

PEPE is up 74.49% in 7 days. Source: Coinmarketcap

Related Reading: How To Buy Pepe Coin (PEPE): Beginner’s Guide In 2023

What Comes Next for PEPE Coin?

Although it is unknown why the three crypto whales chose to purchase such a sizable quantity of PEPE at this time when the price is trading in the negative territory, some crypto fans claimed that the whales would be stranded for some time carrying bags and stating the coin’s bullish season is gone.

They gon be stuck with it for some time. Pepe season is over. Not gonna be doing anywhere near 10x from current market price. The new wave in town is brc-20. If there's any other pepe with an 1000x potential, it's pepe on brc-20.

— I.B (@ib_swagalistic) May 9, 2023

On the other hand, experts in the field believe that the PEPE rally is ongoing. Tony JRNY, the founder of Planet XOLO, recently revealed that, after the asset finds support in the current dip, he plans to buy more PEPE tokens using the dollar cost average (DCA) approach.

DCA is an investing technique that entails buying a preset quantity of a coin at regular intervals regardless of asset price swings. The goal is to lessen the effects of recent volatility.

Therefore, JRNY has excellent expectations for PEPE’s future and claims the coin will eventually see an enormous pump once the bull market starts. Using a market chart, he predicted PEPE’s recent price fluctuation would be similar to Shiba Inu’s, the second-largest meme currency, in 2021.

Read Also: Battle of the Memes: Pepe Coin vs. Dogecoin – Where Should You Invest Your $1000 Now?