As a researcher with experience in the crypto market, I’m cautiously optimistic about Pepe (PEPE) despite its recent all-time high (ATH) and accumulation by crypto whales. While it’s true that whale activity often suggests a bullish outlook for a coin, we cannot ignore other factors at play.
Recently, PEPE (Pepe the Frog meme coin) has made waves by reaching a new record high (ATH). This development has caught the interest of large crypto investors, or “whales,” who have been actively purchasing the token. The buying behavior of these whales may indicate a potential opportunity for investment in PEPE. However, it doesn’t necessarily mean that now is the best time to buy.
Crypto Whales Buy 720 Billion PEPE Tokens
As a researcher studying the cryptocurrency market, I recently came across an intriguing finding using on-chain analytics platform Lookonchain. They identified a significant purchase of 520 billion PEPE tokens from Binance by a prominent trader. This transaction has sparked interest in the crypto community, as it could potentially be driven by the fear of missing out (FOMO), a common psychological phenomenon in this market. However, it’s important to note that this trader’s previous investment decisions have not always yielded positive results, resulting in a loss of approximately $6.1 million.
Currently, there’s evidence from blockchain records of a significant investor, or “crypto whale,” purchasing approximately 200 billion PEPE tokens via the trading firm Cumberland. Regardless of their motivations, the act of large-scale token acquisitions by crypto whales often indicates a positive sentiment towards the coin. Consequently, many crypto investors may view this as an opportune moment to invest in PEPE, anticipating potential price increases.
PEPE’s recent surge to a new all-time high might not be the best time to invest, according to IntoTheBlock’s data. The market intelligence platform indicates that a potential price drop could occur for PEPE before it rises again. Interestingly, all PEPE holders currently enjoy profits from this coin’s upward trend.
As a crypto investor considering PEPE, it’s important to stay informed about market trends. With recent developments, there’s been speculation among PEPE holders that they should sell their coins to secure profits. This could result in a significant wave of sell-offs, potentially impacting PEPE’s price negatively. To make the most of your investment, it might be wise to wait and observe how low PEPE’s price dips due to this selling pressure before deciding to buy.
Still Has Enough Bullish Momentum To Go
Rachid Crypto, a cryptocurrency analyst and trader, has pointed out several indicators implying that the PEPE token may still experience significant price growth. He mentioned that the “mega meme trend” and the “altcoin season,” which could potentially fuel a surge in PEPE’s value, have yet to fully materialize.
PEPE has not been added to popular cryptocurrency exchanges such as Coinbase and Robinhood yet. As a result, there is significant untapped liquidity in the market for this meme coin. The price of PEPE is expected to rise once it gets listed on these platforms.
At the same time, Rachid Crypto expressed his belief that Ethereum‘s price will exceed its all-time high (ATH). If this occurs, PEPE‘s price is expected to follow suit and experience a substantial increase due to Ethereum’s upward trend. PEPE’s value often mirrors Ethereum’s, so it’s likely that PEPE will rise in value as Ethereum gains momentum.
Currently, PEPE is priced approximately at $0.00001056 during this writing process. However, it has experienced a decrease of more than 5% within the previous 24-hour period based on information obtained from CoinMarketCap.
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2024-05-16 20:11