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 amassed the crypto token these days. Whales accumulating the meme coin will counsel that now is likely to be an excellent time to purchase PEPE, however which 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 change Binance. This transfer may, nevertheless, have been motivated by the worry of lacking out (FOMO), as Lookonchain famous that this dealer hasn’t at all times made the neatest funding strikes, having misplaced $6.1 million thus far.
Associated Studying
In the meantime, on-chain knowledge reveals one other whale who purchased over 200 billion PEPE tokens via 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. Primarily based on this, crypto buyers will normally assume that this is a superb time to purchase the meme coin in expectation of additional value surges.
Nonetheless, this won’t be an excellent time to purchase, as knowledge 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 have been in revenue because of the meme coin hitting a brand new ATH.
Given such improvement, many of those holders are anticipated to ebook earnings from their PEPE funding, resulting in a wave of sell-offs that might negatively influence the meme coin’s value. Subsequently, 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 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 additional rally within the meme coin’s value.
Associated Studying
Moreover, PEPE is but to be listed on main crypto buying and selling platforms like Coinbase and Robinhood. Which means there’s nonetheless plenty of liquidity that might movement into the meme coin’s ecosystem. PEPE’s value will possible get pleasure from an upward development each 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 value will profit from ETH’s run when this occurs. PEPE’s value is understood to have some correlation with Ethereum’s and can almost certainly get pleasure from a major rally as Ethereum’s value 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 knowledge from CoinMarketCap.
Chart from Tradingview.com
