Pepe (PEPE) has not too long ago 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 collected the crypto token currently. Whales accumulating the meme coin will counsel that now could be time to purchase PEPE, however that may not be the case.
Crypto Whales Purchase 720 Billion PEPE Tokens
On-chain analytics platform Lookonchain not too long ago drew the crypto group’s consideration to a whale who bought 520 billion PEPE from the crypto exchange Binance. This transfer would possibly, nevertheless, 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 date.
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In the meantime, on-chain data reveals one other whale who purchased over 200 billion PEPE tokens via the buying and selling agency Cumberland. No matter 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 superb time to purchase the meme coin in expectation of additional value surges.
Nonetheless, 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 e book income from their PEPE funding, resulting in a wave of sell-offs that would negatively impression 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 strain earlier than buying the meme coin.
Nonetheless Has Sufficient Bullish Momentum To Go
Crypto analyst and dealer Rachid Crypto not too long ago highlighted a number of components 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 would nonetheless spark an extra rally within the meme coin’s value.
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Moreover, PEPE is but to be listed on main crypto buying and selling platforms like Coinbase and Robinhood. Meaning there’s nonetheless numerous liquidity that would stream into the meme coin’s ecosystem. PEPE’s value will possible take pleasure in an upward pattern every time these buying and selling platforms resolve to checklist 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 take pleasure in a big 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 response to data from CoinMarketCap.
Chart from Tradingview.com
