- The whales began accumulating large amounts of PEPE.
- PEPE prices continued to decline due to social sentiment and lower trading volume.
Interest in PEPE (PEPE), which was one of the most popular memecoins in early 2023, has waned over the past few months. However, recent whale accumulations have suggested that PEPE may be making a comeback.
Whales are starting to turn to PEPE.
According to data from Lookonchain, one whale transferred 2 trillion PEPE tokens worth $2.74 million to the Binance exchange.
Previously, the investor purchased 2.1 trillion PEPE tokens between May 5, 2023 and September 10, 2023 using 920 stETH tokens worth $1.55 million and 253 WETH tokens worth $480,000. .
If an investor sells these tokens now, they could make a profit of about $705,000.
Whale deposited 2T. $PEPE (USD 2.74 million) ~ #Binance 5 hours ago.
The whale wrote 920 $stETH($1.55 million) and 253 $WETH($480K) Purchase 2.01T $PEPE Between May 5, 2023 and September 10, 2023.
Sell now and you could make ~$705K https://t.co/9zRGywTADp pic.twitter.com/eiACLHvrdD
— Lookonchain (@lookonchain) January 12, 2024
If the whale accumulation trend continues, memecoin prices may temporarily rise. However, this may also result in PEPE circulation becoming more centralized.
no major changes
Despite whale accumulation, there has been no change in PEPE price status at the time of writing. In the last 24 hours, PEPE price has decreased by 3.27%.
The outlook for PEPE looked quite bearish. PEPE prices have seen several lows and highs over the past month.
Because PEPE is a memecoin, much of its pricing is driven by social scale and sentiment.
According to data from Santiment, the social volume surrounding PEPE has decreased significantly over the past few days. This indicates that PEPE is not able to gain traction on social media compared to other memecoins.
However, weighted sentiment toward PEPE was relatively high. A high weighted sentiment means that there are more positive opinions about PEPE than negative opinions about its social aspects.
Positive weight sentiment could help PEPE see a green future.
Source: Santiment
However, in terms of network growth, PEPE did not show positive movement. Over the past few weeks, network growth around PEPE has decreased significantly.
How much is 1,10,100 PEPE worth today?
A decrease in network growth indicates a decrease in the number of new addresses showing interest in PEPE.
Moreover, the velocity around PEPE has also dropped, which shows that Memcoin’s trading activity has also taken a hit.
Source: Santiment