- Buying pressure for meme coins continued to be high.
- Market indicators have suggested that PEPE may witness a price correction.
Pepper (PEPPER)One of the most popular meme coins, has shown promising performance over the past week. While the price of the meme coin soared, whales actually made a profit by selling a significant amount of the tokens.
Does this mean whales are expecting PEPE to witness a price correction in the near term?
Are PEPE whales for sale?
Over the past week, PEPE has recorded double-digit growth, which looks promising. To be precise, the value of the meme coin rose by more than 33%.
In fact, it has maintained its upward trend, rising more than 9% in the last 24 hours. At the time of this writing, the coin is trading at $0.000001418, with a market capitalization of over $592 million, making it the 89th largest cryptocurrency.
While the value of the coin continued to rise, the whale decided to sell its coin holdings.
According to a recent tweet from Lookonchain, whales have deposited $794 billion. pepeThis was worth $1.1 million to Gateio. The token soared. The sale helped Whale make a profit of $230,000.
price $PEPE It just went up over 20%.
I confirmed that 794B was deposited in my wallet. $PEPE ($1.1 million) ~ #Gateio price when $PEPE It skyrocketed and earned ~$230K.
After that, the price $PEPE It’s starting to fall from its peak. https://t.co/MBLnOSNlSE pic.twitter.com/cLTtCyMpGJ
— Lookonchain (@lookonchain) December 4, 2023
Does this mean whales expected prices to fall? However, when AMBCrypto checked Santiment’s data, they found that whale activity around meme coins was high.
In fact, they have actually been increasing their holdings, which is evident from the fact that the supply of PEPE held by the top addresses has increased over the past week. In addition, ordinary individual investors were also accumulating.
bloodThe supply of EPE on exchanges decreased sharply, while the supply outside the exchanges increased, meaning that pressure to purchase tokens was high. Exchange outflows also increased rapidly, further proving that investors are showing a buying trend.
Source: Santiment
What to Expect from PEPE
Investors Are Still Buying PEPE, AMBCrypto Confirms. pepeYou can check out our daily chart to get a better idea of what to expect over the next few days.
Realistic or not, the following is PEPE’s BTC market cap hatchet
MACD remained bullish, showing a bullish crossover. However, the price of the meme coin may hit the Bollinger Band upper limit, causing a price correction.
Additionally, both the Relative Strength Index (RSI) and the Money Flow Index (MFI) are close to the overbought zone. This increased selling pressure, making it more likely that the coin price would fall.
Source: TradingView