PEPE has recently grabbed the headlines, New All-Time High (ATH) this week. Meme coins also received attention. crypto whale A person who has recently accumulated cryptocurrency tokens. Whales accumulating meme coins would suggest that now may be a good time to buy PEPE, but it may not be.
Crypto Whale Purchases 720 Billion PEPE Tokens
On-chain analysis platform Lookonchain Recently, a whale purchased $520 billion worth of PEPE, which caught the attention of the cryptocurrency community. Cryptocurrency exchange Binance. However, these moves may have been motivated by FOMO (Fear of Missing Out), as Lookonchain points out that this trader has not always made the smartest investment moves, having lost $6.1 million so far.
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meantime, On-chain data It shows another whale purchasing over 200 billion PEPE tokens through trading company Cumberland. Regardless of their intentions, cryptocurrency whales that accumulate cryptocurrency tokens generally present a bullish outlook for those coins. Based on this, cryptocurrency investors generally assume that now is a good time to purchase meme coins in anticipation of further price surges.
However, this may not be a good time to buy. Into the Block This suggests that a price decline could be imminent before PEPE starts to trend higher again. market information platform exposed that 100% PEPE holders Profits came thanks to meme coins hitting new ATHs.
Given these developments, many of these holders are expected to benefit from their PEPE investments. selling wave This may have a negative impact on the price of the meme coin. Therefore, those looking to invest in PEPE now may be better off waiting for PEPE to bottom out from this selling pressure before purchasing meme coins.
There is still plenty of bullish momentum.
Rachid Crypto, a recent cryptocurrency analyst and trader. highlighted Several factors suggest that pepe We haven’t reached our peak yet. Analysts call the “mega meme cycle” and Altcoin Season It hasn’t started yet. This is an event that could trigger a further rise in the price of the meme coin.
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Moreover, PEPE is not yet listed on major cryptocurrency trading platforms such as: coinbase and robin hood. This means that there is still a lot of liquidity that can flow into the meme coin ecosystem. The price of PEPE is likely to enjoy an upward trend whenever these trading platforms decide to list meme coins.
Meanwhile, Rachid Crypto said: Ethereum will surpass ATH, which means that the price of PEPE will benefit from the execution of ETH if this happens. The price of PEPE is known to be somewhat correlated with Ethereum and is likely to enjoy significant upside as the price of Ethereum rises.
At the time of writing, PEPE is said to be trading at around $0.00001056, down more than 5% in the last 24 hours. data From CoinMarketCap.
Charts from Tradingview.com