Crypto whales are buying large amounts of meme crypto PEPE coin, despite a drop in prices, according to on-chain analytics tool Lookonchain.

The report states that three whales started buying $PEPE after the price dropped, with one withdrawing 1.4 trillion $PEPE ($2.76 million) from Binance when the price was $0.000002054.

Since Binance listed the meme token on May 6, the exchange has seen huge trading volumes, most of which came from Binance.

At press time, data from CoinGecko showed that PEPE’s trading volumes were over $430 million, with the number of $PEPE holders surpassing 100,000, according to DexTools.

Despite the price decline, market experts are questioning how sustainable $PEPE would be in the future, considering that few investors hold vast amounts of the token, which was tilted on the Ethereum blockchain, risking having few holders in control.