<p class="is-style-lead">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 (<a href="https://crypto.news/price/bitcoin/" data-type="URL" data-id="https://crypto.news/price/bitcoin/">BTC</a>) and altcoins rebound.</p>



<p><a href="https://crypto.news/secs-gensler-expresses-concern-over-binance-and-coinbase/">Gary Gensler</a>’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 <a href="https://crypto.news/sec-seeks-express-court-order-to-freeze-binanceuss-assets/">Binance</a>, triggering a widespread bloodbath and price corrections.</p>



<p>On June 6, the price of bitcoin (<a href="https://crypto.news/bitcoin-price/">BTC</a>), the world’s flagship cryptocurrency, hit a low of $25,351, with other tokens also experiencing significant declines. </p>



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



<p>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.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">We noticed that 2 whales bought <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$PEPE</a> today!<br><br>0x31f5 spent 1.5M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDC</a> to buy 1.25T <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$PEPE</a> at a price of $0.0000012.<a href="https://t.co/PojyeMXBg0" target="_blank">https://t.co/PojyeMXBg0</a><br><br>0x37df withdrew 605B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$PEPE</a>($685K) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a> when the price was $0.0000012.<a href="https://t.co/5NI1e351dl" target="_blank">https://t.co/5NI1e351dl</a> <a href="https://t.co/GJmE91cGXX" target="_blank">pic.twitter.com/GJmE91cGXX</a></p>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1666297524976771072?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 7, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>The bad actors recently took advantage of Pepe’s popularity to orchestrate a scam <a href="https://crypto.news/pepe-losing-investors-after-nft-scam-while-capital-and-interest-flow-to-digitoads/">PEPE NFT</a> scheme on Twitter, stealing the assets of unsuspecting victims. </p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="1024" src="https://crypto.news/app/uploads/2023/06/PEP-1024x1024.jpeg" alt="Pepe whales accumulate more coins, data shows  - 1" class="wp-image-14166574"><figcaption class="wp-element-caption">Pepe price | Source: CoinGecko</figcaption></figure>



<p>Despite regulatory uncertainties plaguing the U.S. crypto space, <a href="https://crypto.news/blackrock-just-moved-1-98m-of-pepe-from-binance/">investor interest</a> in meme coins shows no signs of cooling down. </p>



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Pepe whales accumulate more coins, data shows

crypto.news

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