Pepe (PEPE) has lately 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 counsel that now could be a superb time to purchase PEPE, however that may not be the case.
Crypto Whales Purchase 720 Billion PEPE Tokens
On-chain analytics platform Lookonchain lately drew the crypto neighborhood’s consideration to a whale who bought 520 billion PEPE from the crypto change Binance. This transfer may, nonetheless, have been motivated by the concern of lacking out (FOMO), as Lookonchain famous that this dealer hasn’t all the time made the neatest funding strikes, having misplaced $6.1 million to this point.
Associated Studying
In the meantime, on-chain information reveals one other whale who purchased over 200 billion PEPE tokens by way of the buying and selling agency Cumberland. Regardless of their intention, crypto whales accumulating a crypto token normally paints a bullish outlook for the coin in query. Based mostly on this, crypto traders will normally assume that this is a wonderful time to purchase the meme coin in expectation of additional worth surges.
Nevertheless, this won’t be a superb time to purchase, as information from IntoTheBlock suggests {that a} worth 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 have 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 worth. Due to this fact, these trying to put money into 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 lately highlighted a number of elements that counsel that PEPE has but to achieve 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 additional rally within the meme coin’s worth.
Associated Studying
Moreover, PEPE is but to be listed on main crypto buying and selling platforms like Coinbase and Robinhood. Meaning there’s nonetheless a number of liquidity that might circulate into the meme coin’s ecosystem. PEPE’s worth will probably get pleasure from an upward development every time these buying and selling platforms determine to listing the meme coin.
In the meantime, Rachid Crypto additionally acknowledged that Ethereum will surpass its ATH, that means that PEPE’s worth will profit from ETH’s run when this occurs. PEPE’s worth is thought to have some correlation with Ethereum’s and can more than likely get pleasure from a big rally as Ethereum’s worth 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 response to information from CoinMarketCap.
Chart from Tradingview.com
