PEPE Whales Go On Massive 720B Shopping Spree Amid Campaign For New ATHs, Is It Time To Get In?
16 Maggio 2024 - 7:00PM
NEWSBTC
Pepe (PEPE) has recently grabbed the headlines, having hit a new
all-time high (ATH) this week. The meme coin has also drawn the
attention of crypto whales who have accumulated the crypto token
lately. Whales accumulating the meme coin will suggest that now
might be a good time to buy PEPE, but that might not be the
case. Crypto Whales Buy 720 Billion PEPE Tokens On-chain
analytics platform Lookonchain recently drew the crypto community’s
attention to a whale who purchased 520 billion PEPE from the crypto
exchange Binance. This move might, however, have been motivated by
the fear of missing out (FOMO), as Lookonchain noted that this
trader hasn’t always made the smartest investment moves, having
lost $6.1 million so far. Related Reading: Bitcoin Long-Term
Holders Buy The Blood, Snatch Up 70,000 BTC Meanwhile, on-chain
data shows another whale who bought over 200 billion PEPE tokens
through the trading firm Cumberland. Irrespective of their
intention, crypto whales accumulating a crypto token usually paints
a bullish outlook for the coin in question. Based on this, crypto
investors will usually assume that this is an excellent time to buy
the meme coin in expectation of further price surges.
However, this might not be a good time to buy, as data from
IntoTheBlock suggests that a price dump may be imminent for PEPE
before it makes another move to the upside. The market intelligence
platform revealed that 100% of PEPE holders were in profit thanks
to the meme coin hitting a new ATH. Given such development, many of
these holders are expected to book profits from their PEPE
investment, leading to a wave of sell-offs that could negatively
impact the meme coin’s price. Therefore, those looking to invest in
PEPE right now may be better off waiting for PEPE to bottom out
from this selling pressure before purchasing the meme coin.
Still Has Enough Bullish Momentum To Go Crypto analyst and trader
Rachid Crypto recently highlighted several factors that suggest
that PEPE has yet to reach its peak. The analyst noted that the
“mega meme cycle” and altcoin season are yet to begin. These are
events that could still spark a further rally in the meme coin’s
price. Related Reading: How High Can The XRP Price Go? Crypto
Analyst Unveils 6-Month Prediction Furthermore, PEPE is yet to be
listed on major crypto trading platforms like Coinbase and
Robinhood. That means there is still a lot of liquidity that could
flow into the meme coin’s ecosystem. PEPE’s price will likely enjoy
an upward trend whenever these trading platforms decide to list the
meme coin. Meanwhile, Rachid Crypto also stated that Ethereum
will surpass its ATH, meaning that PEPE’s price will benefit from
ETH’s run when this happens. PEPE’s price is known to have some
correlation with Ethereum’s and will most likely enjoy a
significant rally as Ethereum’s price picks up. At the time
of writing, PEPE is trading at around $0.00001056, down over 5% in
the last 24 hours, according to data from CoinMarketCap.
Chart from Tradingview.com
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