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 accrued the crypto token currently. Whales accumulating the meme coin will counsel that now may be time to purchase PEPE, however which may not be the case.
Crypto Whales Buy 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 exchange Binance. This transfer may, nevertheless, 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 to this point.
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Meanwhile, on-chain data reveals one other whale who purchased over 200 billion PEPE tokens by means of the buying and selling agency Cumberland. Irrespective of their intention, crypto whales accumulating a crypto token often paints a bullish outlook for the coin in query. Based on this, crypto buyers will often assume that this is a wonderful time to purchase the meme coin in expectation of additional value surges.
However, this won’t be time to purchase, as information 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 due to the meme coin hitting a brand new ATH.
Given such growth, many of those holders are anticipated to ebook income from their PEPE funding, resulting in a wave of sell-offs that might negatively influence the meme coin’s value. Therefore, these trying to spend money on PEPE proper now could also be higher off ready for PEPE to backside out from this promoting stress earlier than buying the meme coin.
Still Has Enough Bullish Momentum To Go
Crypto analyst and dealer Rachid Crypto lately highlighted a number of elements 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 value.
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Furthermore, PEPE is but to be listed on main crypto buying and selling platforms like Coinbase and Robinhood. That means there may be nonetheless quite a lot of liquidity that might stream into the meme coin’s ecosystem. PEPE’s value will probably get pleasure from an upward development every time these buying and selling platforms resolve to listing the meme coin.
Meanwhile, Rachid Crypto additionally acknowledged 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 most definitely get pleasure from a big rally as Ethereum’s value picks up.
At 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
