- Pepe surged by 117. 80% over the past thirty days.
- A new whale accumulated 309.6 billion tokens worth $6.45 million.
As a seasoned crypto investor with over a decade of experience in this dynamic market, I’ve learned to navigate through the ebb and flow of trends. The recent surge of Pepe [PEPE], a memecoin that has caught my attention, is no exception. After Coinbase listed PEPE nine days ago, it soared to a new ATH, continuing its monthly bullish trend with an impressive 117.80% increase.
Nine days after Coinbase added PEPE to their listings, the meme token reached a fresh all-time high (ATH) of $0.00002524, further fueling its bullish momentum this month as it saw a significant jump of 117.80%.
After that point, PEPE dropped down to as low as 0.00001807. This drop presented an opportunity for both individual investors (retailers) and large-scale investors (whales) to buy. Currently, whales are taking advantage of this dip, predicting future price increases.
Pepe whale accumulates 309.6B tokens
As per SpotOnChain’s on-chain tracker, it appears that a significant investor (often referred to as a ‘whale’) has recently entered the market for a substantial purchase. This new whale has established a digital wallet over the past few hours and transferred 309.6 billion Pepe tokens, valued at approximately $6.45 million, from Kucoin.
When a large number of whales gather together, it often indicates a strong belief in the market trend’s continuation. Similarly, this massive influx of funds generates significant buying demand, which could possibly result in an increase in prices.
Impact on Pepe’s charts?
Just as anticipated, Pepe experienced a 1.85% increase over the last 24 hours. Prior to that, its trend was descending, showing a decrease of 1.40% in the weekly analysis.
After the memecoin’s price fell from its peak at $0.0000218 to $0.0000198, it appears that the buyers (bulls) are attempting to take back control of the market.
As a researcher, I’ve noticed that while the current bullish trend might seem promising for the memecoin, other market indicators suggest a potential further downturn may occur before we see a reversal to bullish control.
Example: Last week, Pepe’s Relative Strength Index (RSI) soared above the overbought threshold, but it has been decreasing since then and currently stands at 70. At this point, the market remains overbought, suggesting that a period of correction may be imminent.
This was visible as the memecoin’s Moving Average flipped to 74.
Furthermore, the trend of the memecoin’s Average Directional Index (ADX) indicated that the upward trend was starting to fade, while a downward push was gaining strength. This shift has caused the ADX value to rise from 35 to 42, suggesting that sellers have taken control of the market.
The ratio of Pepe’s NVT value (including circulation) significantly increased from 41.89 to 89.45, indicating a possible overvaluation for Pepe. This high NVT ratio suggests that the increase in its price is not proportionate to its network activity.
So, the rise in price doesn’t usually reflect significant growth in blockchain transactions, suggesting that it might be more about speculation than actual use or value.
Over the last week, we’ve observed a decrease in operational value and less transactional activity on the blockchain, as indicated by a drop in the number of active addresses. Specifically, IntoTheBlock reports that active addresses have fallen from approximately 23,630 to around 15,160.
A steep drop in attendance implies less involvement, suggesting that the price surge might not be rooted in strong underlying factors.
The memecoin’s next move
As a crypto investor, I’ve noticed that the memecoin has seen some modest increases on daily graphs due to whales stockpiling it. However, it’s essential to understand that these gains are part of a larger corrective phase the memecoin is experiencing right now.
Consequently, if the present circumstances persist, there’s a possibility that Pepe could experience a downturn. If this happens, the memecoin might fall to approximately $0.000018 and potentially drop even lower to find support around $0.00001578.
Read Pepe’s [PEPE] Price Prediction 2024–2025
If the buying pressure generated by whales proves substantial, I might find that the price of Pepe could potentially rise to $0.000022 again.
If we manage to burst through this current level, it’s quite possible that the meme coin will reach a fresh all-time high, as there isn’t much significant resistance beyond this point.
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2024-11-23 22:20