Whales have started to show interest in PEPE.
The hype around the memecoin rose, but sentiment remains the same.

Pepe[PEPE] recently took the crypto world by storm and was one of the most prominent memecoins in the crypto sector over the last few days. Even though its initial hype has died down, it was seen that there was a resurgence in interest in the token observed recently.

Realistic or not, here’s PEPE’s market cap in BTC’s terms

Whales dive into PEPE

As per lookonchain’s data, a user invested 27 ETH (equivalent to $45,000) to acquire 50 billion PEPE tokens. Interestingly, the same individual managed to acquire 5.9 trillion $PEPE tokens for a mere 0.125 ETH (about $251), and subsequently sold 3.95 trillion $PEPE tokens for 2,505 ETH ($4.7 million).

At press time, the whale still possessed 2 trillion PEPE tokens, which were valued at around $1.8 million.

The interest in PEPE from this whale and various other large investors could soon drive up interest in the meme coin. The surge in whale interest could also drive up PEPE’s price in the short term. However, a large part of the memecoins growth would also be dictated by the interest in PEPE on the social front.

Popularity contest

According to data provided by LunarCrush, the number of social mentions for the PEPE memecoin surged by 151.3%. Additionally, the number of social engagements for the same also grew by 106.9% during the same period. This massive spike in interest in PEPE could aid PEPE’s price movement going forward.

Despite the high spikes in social mentions and engagements, the sentiment around PEPE wasn’t as great. The weighted sentiment indicator of Santiment suggested that the general outlook of PEPE across social media platforms was largely negative.

Source: Santiment

At press time, PEPE was trading at 0.00000008. The price of the token had fallen considerably over the past few weeks. After testing the $0.00000018 resistance levels multiple times, the price of the PEPE token fell by 53.67% after exhibiting multiple low lows and low highs and establishing a bearish trend.

Is your portfolio green? Check out the Pepe Profit Calculator

The RSI of PEPE was relatively low, indicating that the momentum wasn’t favoring the buyers. However, the CMF indicator exhibited a divergence as it rose to 0.11. The high CMF implied that the money flow was bullish at the time of writing.

Source: Trading View

The post Can whale interest propel PEPE to new heights appeared first on Crypto News Australia.

---

Filed under: Bitcoin - @ August 28, 2023 9:15 pm