Pepe (PEPE) has lately grabbed the headlines, having hit a new all-time high (ATH) this week. The meme coin has additionally drawn the eye of crypto whales who’ve amassed the crypto token currently. Whales accumulating the meme coin will counsel that now is perhaps 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 group’s consideration to a whale who bought 520 billion PEPE from the crypto exchange Binance. This transfer would possibly, nonetheless, have been motivated by the worry 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 thus far.
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In the meantime, on-chain data exhibits one other whale who purchased over 200 billion PEPE tokens by means of 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 traders will often 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 knowledge 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 had been in revenue due to the meme coin hitting a brand new ATH.
Given such improvement, 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 seeking to put money into PEPE proper now could also be higher off ready for PEPE to backside out from this promoting stress earlier than buying the meme coin.
Nonetheless Has Sufficient Bullish Momentum To Go
Crypto analyst and dealer Rachid Crypto lately highlighted a number of components that counsel 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 worth.
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Moreover, PEPE is but to be listed on main crypto buying and selling platforms like Coinbase and Robinhood. Meaning there may be nonetheless numerous liquidity that might circulation into the meme coin’s ecosystem. PEPE’s worth will probably get pleasure from an upward pattern every time these buying and selling platforms resolve to listing the meme coin.
In the meantime, Rachid Crypto additionally acknowledged that Ethereum will surpass its ATH, which means that PEPE’s worth will profit from ETH’s run when this occurs. PEPE’s worth is understood 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 line with data from CoinMarketCap.
Chart from Tradingview.com
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