Pepe (PEPE) has not too long ago grabbed the headlines, having hit a new all-time excessive (ATH) this week. The meme coin has additionally drawn the eye of crypto whales who’ve gathered the crypto token recently. Whales accumulating the meme coin will recommend that now could be a great time to purchase PEPE, however which may not be the case.
Crypto Whales Purchase 720 Billion PEPE Tokens
On-chain analytics platform Lookonchain not too long ago drew the crypto neighborhood’s consideration to a whale who bought 520 billion PEPE from the crypto alternate Binance. This transfer may, nonetheless, have been motivated by the worry of lacking out (FOMO), as Lookonchain famous that this dealer hasn’t at all times made the neatest funding strikes, having misplaced $6.1 million up to now.
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In the meantime, on-chain knowledge exhibits one other whale who purchased over 200 billion PEPE tokens by the buying and selling agency Cumberland. Regardless of their intention, crypto whales accumulating a crypto token often paints a bullish outlook for the coin in query. Based mostly on this, crypto buyers will often assume that this is a superb time to purchase the meme coin in expectation of additional value surges.
Nonetheless, this may not be a great time to purchase, as knowledge from IntoTheBlock suggests {that a} value dump could also be imminent for PEPE earlier than it makes one other transfer to the upside. The market intelligence platform revealed that 100% of PEPE holders had been in revenue because of the meme coin hitting a brand new ATH.
Given such growth, many of those holders are anticipated to e book income from their PEPE funding, resulting in a wave of sell-offs that might negatively affect the meme coin’s value. Subsequently, these trying to spend money on PEPE proper now could also be higher off ready for PEPE to backside out from this promoting strain earlier than buying the meme coin.
Nonetheless Has Sufficient Bullish Momentum To Go
Crypto analyst and dealer Rachid Crypto not too long ago highlighted a number of elements that recommend that PEPE has but to succeed in its peak. The analyst famous that the “mega meme cycle” and altcoin season are but to start. These are occasions that might nonetheless spark an extra rally within the meme coin’s value.
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Moreover, PEPE is but to be listed on main crypto buying and selling platforms like Coinbase and Robinhood. Which means there’s nonetheless quite a lot of liquidity that might movement into the meme coin’s ecosystem. PEPE’s value will probably get pleasure from an upward development each time these buying and selling platforms resolve to checklist the meme coin.
In the meantime, Rachid Crypto additionally said that Ethereum will surpass its ATH, which means that PEPE’s value will profit from ETH’s run when this occurs. PEPE’s value is understood to have some correlation with Ethereum’s and can almost certainly get pleasure from a big rally as Ethereum’s value picks up.
On the time of writing, PEPE is buying and selling at round $0.00001056, down over 5% within the final 24 hours, in accordance with knowledge from CoinMarketCap.
Chart from Tradingview.com
