- Crypto Fear & Greed Index is very greedy, suggesting a correction.
- Rising PEPE prices face short selling by speculative traders.
- Large holders exchange $6M Ethereum for 0.5% of MOG token supply.
Two large cryptocurrency investors, also known as cryptocurrency whales, were spotted purchasing meme coins this Friday. Millions of on-chain movements heralded a surge in the prices of related meme coins Pepe Token (PEPE) and cat-themed Mog Coin (MOG).
Will PEPE prices be adjusted?
First, newly created cryptocurrency wallet addresses began accumulating PEPE, cryptocurrency’s most popular frog token, starting on the morning of November 22, 2024. Notably, the large cryptocurrency investor cashed out 309.6 billion PEPE coins (PEPE) from KuCoin using the new wallet. , a leading cryptocurrency exchange based in Seychelles.
According to SpotOnChain, the wallet balance of this PEPE token (PEPE) believer, worth $6.45 million as of Stamp trading time, has dropped to $6.26 million. Meanwhile, PEPE price showed intraday gains at $0.00002174 but has now declined to $0.00002022.
Despite high trading volumes in both spot and derivatives markets, the frog-shaped memecoin had a slightly shorter duration than short positions, according to CoinGlass data. Naturally, this means leveraged cryptocurrency traders are expecting a market correction to occur before a retest of all-time highs.
Brave whale acquires 2.2T MOG
The Cryptocurrency Fear and Greed Index currently stands at 95, remaining at an all-time high for greed. High scores indicate unprecedented levels of extreme greed since February 2021. The cryptocurrency community’s growing appetite for potentially higher rewards comes from the meme coin sector. They dominate the market.
To illustrate the memecoin bonanza, a cryptocurrency whale discovered by SpotOnChain whale tracking organization withdrawn 1,803 Ethereum (ETH) this morning, making $6.06 million. Smart money investors have poured all this digital money into $2.2 trillion Mog Coin (MOG), the internet culture cat coin that is knocking on the door of the top 100 cryptocurrencies by market capitalization.
Acquiring 0.5% of the total Mog Coin (MOG) supply in one go, the cryptocurrency whale pivoted around the cat cryptocurrency on the verge of hitting a new all-time high (ATH). In fact, Mog Coin (MOG) sparked a rally as high as $0.000002967, but has fallen more than 12% since that milestone. MOG, which has just passed the $1 billion market cap check mark, is still not listed on several major cryptocurrency exchanges. Therefore, cat-themed cryptocurrencies have a lot of potential to grow, mainly depending on future listings and community development.
On the flipside
- The maximum supply of the two aforementioned memecoins is exactly the same, with a maximum supply of 420,690,000,000,000 tokens.
- Historically in cryptocurrency psychology, times when greed reaches these high levels are often preceded by harsh downturns.
Why This Matters
Leading cryptocurrency investors, especially those with proven long-term profitability, are typically the first to notice emerging market trends or price movements.
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