Pepe whales accumulate more coins, data shows 

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Pepe enthusiasts have taken advantage of the widespread market corrections to accumulate millions of dollars worth of the meme coin. The price of PEPE has increased by over 14% in the last 24 hours as bitcoin (BTC) and altcoins rebound.

Gary Gensler’s Securities and Exchange Commission (SEC) threw a spanner in the global crypto market’s wheel on June 6 through enforcement actions against Coinbase and Binance, triggering a widespread bloodbath and price corrections.

On June 6, the price of bitcoin (BTC), the world’s flagship cryptocurrency, hit a low of $25,351, with other tokens also experiencing significant declines. 

Popular meme coin Pepe (PEPE) was not sparred, as the token crashed to a low of $0.000000981742 on the day, according to CoinGecko.

Per on-chain data released by Lookonchain, a blockchain analytics platform, two whales took advantage of the dip to accumulate PEPE at the $0.0000012 price region.

The bad actors recently took advantage of Pepe’s popularity to orchestrate a scam PEPE NFT scheme on Twitter, stealing the assets of unsuspecting victims. 

Pepe price | Source: CoinGecko

Despite regulatory uncertainties plaguing the U.S. crypto space, investor interest in meme coins shows no signs of cooling down. 

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