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 recommend that now may be 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 neighborhood’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 at all times 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. No matter their intention, crypto whales accumulating a crypto token normally paints a bullish outlook for the coin in query. Based mostly on this, crypto traders will normally assume that this is a superb time to purchase the meme coin in expectation of additional worth surges.
Nonetheless, this won’t be time to purchase, as information 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 because of 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 impression the meme coin’s worth. Due to this fact, these seeking to spend money on 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 lately highlighted a number of elements that recommend 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 might nonetheless spark an additional 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’s nonetheless loads of liquidity that might move into the meme coin’s ecosystem. PEPE’s worth will probably take pleasure in an upward development 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, which means that PEPE’s worth will profit from ETH’s run when this occurs. PEPE’s worth is thought to have some correlation with Ethereum’s and can most definitely take pleasure in 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 accordance with data from CoinMarketCap.
Chart from Tradingview.com
