- After a rally on 28 September, PEPE retraced by more than 3% the next day.
- It appeared that a broader market accumulation was underway.
There’s hardly been a single dull chapter in the brief history of the frog-themed Pepe [PEPE]. The memecoin’s fickle price swings, which can make or break a portfolio, have piqued the interest of many cryptocurrency watchers.
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PEPE moves unpredictably
On 28 September, the memecoin jumped more than 12% in value, as per data from CoinMarketCap. Seeing the trajectory, the bulls might have geared for further gains. But unfortunately, this was not the case.
Source: CoinMarketCap
A day later, on 29 September, PEPE retraced more than 3%. While this might be attributed to profit-seeking traders, the fluctuations were an accurate reflection of the memecoin’s volatile behavior.
Are whales on to something?
The third-largest memecoin by market cap saw sustained trading activity in recent days. The market moves of a specific address garnered considerable interest.
According to Lookonchain, the traders have been buying and selling PEPE tokens on a regular basis in order to maximize gains.
After having made a whopping $2.34 million from their previous trades, the address purchased PEPE worth $645,000 in a transaction on 29 September. Needless to say, the trader was bullish on PEPE’s near-term prospects.
But it was not just restricted to one wallet. According to data from Santiment, whales added to their stacks lavishly, as evidenced by the spike in supply held by top addresses.
Source: Santiment
Moreover, the supply on exchanges has declined considerably over the week. This suggested that a broader market accumulation was underway and PEPE could rise further after testing the support levels.
Remember that the turbulent world of memecoins is fraught with dangers. Investors are advised to tread with caution and DYOR.
Social activity dips
Surprisingly, the social buzz around PEPE has climbed down after peaking a week ago. This despite the steady increase in the value of the coin.
Additionally, weighted sentiment fell into the negative territory as of 29 September, indicating that investors had a pessimistic view
Source: Santiment
Read Pepe’s [PEPE] Price Prediction 2023-24
PEPE was a departure from the numerous dog-themed tokens that dominated the market. The crypto coin exploded 10x within days of its launch, attracting a swarm of profit-hungry traders.
According to PEPE’s official site, the coin doesn’t have any intrinsic value or expectation of financial return.