Historic PEPE whale scoops 173B tokens: Should you jump in?
The post Historic PEPE whale scoops 173B tokens: Should you jump in? appeared on BitcoinEthereumNews.com.
A profitable whale has made another huge bet on PEPE after buying 173B tokens. PEPE was relatively discounted and hit a key demand level. Pepe’s [PEPE] recent pullback hit a key August demand level, stroking interest from key players, including whales. According to the blockchain analytic platform Spot On Chain, a familiar whale has scooped 173 billion PEPE, worth about $1.3 million. Last year, the whale made a huge bet on PEPE and held the frog-themed meme coin for nine months, gaining over 800%. ‘In the first trade, the whale spent only 200K $USDC to buy 170.2B $PEPE in Oct 2023 and then sold all for 1.97M $USDC in Jul 2024, taking a $1.77M (+886%) profit after holding for 9 months!’ Source: SpotOnChain Will the huge bet pay off? Whether the whale’s bet will pay again remains to be seen. However, the whale’s market re-entry on the price charts was, interestingly, at a crucial demand level. Besides, the memecoin’s current price (near $0.000007) appeared to be undervalued. Source: Santiment According to Santiment, the portfolios of 90-day and 180-day holders were in red. This was indicated by the 90-day and 180-day MVRV (Market Value to Realized Value) ratios, respectively. MVRV tracks whether tokens are overvalued or undervalued, with negative figures indicating underpriced assets. Given near and medium-term token holders recorded 19% and 14% losses, respectively, the token was deemed underpriced. Additionally, the overall weighted sentiment for the memecoin was at its lowest. This was a risk-off scenario typically capitalized by investors eyeing long-term positions off the market fears or bloodbath. In short, the current PEPE’s value was a relative bargain. Source: Santiment Key targets for PEPE On the daily price chart, the Stochastic RSI (Relative Strength Index) indicated a potential price trend reversal as it edged closer to oversold condition. A…
Filed under: News - @ August 29, 2024 4:20 pm