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Whales were actively accumulating PEPE while its price increased.
Most market indicators looked bullish on the memecoin.
As a seasoned crypto analyst with years of experience observing market trends and patterns, I have seen my fair share of unexpected price surges and sudden market shifts. However, the recent explosive growth of PEPE (Pepe the Frog memecoin) has left me particularly intrigued.
In contrast to the broader cryptocurrency market’s recent bullish trend, PEPE saw unexpectedly massive gains within the past day.
As the demand for the memecoin increased, with more people purchasing it, this trend indicated that its upward price movement was likely to persist.
PEPE’s bullish turn
In just the past 24 hours, the price of the memecoin saw a significant surge of over 28% according to data from CoinMarketCap.
Currently, PEPE is priced at $0.00001237 per unit and has a market value exceeding $5.2 billion, ranking it as the cryptocurrency with the 22nd largest market cap.
According to IntoTheBlock’s latest findings, approximately 80% of PEPE investors have regained a profit following the recent price hike.
As a crypto investor, I was elated to see PEPE‘s price surge by double digits. This growth instilled a sense of optimism within me, as the market capitalization gap between PEPE and the 20th largest cryptocurrency stood at approximately $200 million.
Meanwhile, Lookonchain posted a tweet that suggested high confidence in the memecoin.
According to the tweet, Nascent transferred $3.41 million in MKR tokens to Binance, subsequently withdrew PEPE worth $1.57 million (141.23 billion units), 281,000 LDO tokens, and $3.4 million in USDT from the platform.
To gain a deeper insight into investor behavior, AMBCrypto intended to examine the data provided by Santiment. Our findings indicate that there has been a significant uptick in the PEPE token supply held by major wallets during the past week.
The implication was unmistakable: Whales were accumulating large amounts of the memecoin. Their Exchange Withdrawals surged as well, indicating increased demand and purchasing activity.
Despite a relatively stable marketwide buying pressure, as indicated by the confined supply of the memecoin on exchanges and its supply data outside of exchange platforms.
PEPE on the top 20 list: Confirmed?
Examining the data from Coinglass, as reported by AMBCrypto, uncovered an uptick in the memcoin’s Long/Short Ratio. This signifies that there were more investors holding long positions compared to those with short positions at the given moment.
So, bullish sentiment around the memecoin was rising.
Read Pepe’s [PEPE] Price Prediction 2024-25
Should the price increase persist, it’s likely that PEPE will join the top 20 cryptocurrencies based on market capitalization. To strengthen our belief, AMBCrypto examined its daily chart and noticed that Moving Average Convergence Divergence (MACD) showed a bullish signal with the histogram above the zero line and the short-term moving average crossing above the long-term moving average.
Furthermore, the Memecoin’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) have shown positive movements. This could imply continued growth in the memecoin’s price trend.
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2024-07-16 16:08