PEPE: Can whale interest play a role in the memecoin’s recovery
Whales began accumulating large amounts of PEPE.
Price of PEPE continued to fall as social sentiment and volume waned.
After being one of the most popular memecoins earlier in 2023, interest in PEPE [PEPE] waned in the last few months. However, recent whale accumulation suggested that there are chances of a revival for PEPE.
Whales start to eye PEPE
According to lookonchain’s data, a whale transferred 2 trillion PEPE tokens, equivalent to $2.74 million, to the Binance exchange.
Previously, this investor used 920 stETH tokens which were valued at $1.55 million and 253 WETH tokens which were worth $480,000 to purchase 2.01 trillion PEPE tokens between 5th May, 2023, and 10th September, 2023.
If the investor sells these tokens now, they could stand to make a profit of approximately $705,000.
A whale deposited 2T $PEPE ($2.74M) to #Binance 5 hours ago.
— Lookonchain (@lookonchain) January 12, 2024
The whale spent 920 $stETH($1.55M) and 253 $WETH($480K) to buy 2.01T $PEPE between May 5, 2023, and Sept 10, 2023.
Selling now will make a profit of ~$705K.https://t.co/9zRGywTADp pic.twitter.com/eiACLHvrdD
If the whale accumulation trend continues, the price of the memecoin may be driven up temporarily. However, it may also result in the PEPE circulation getting more centralized.
No big changes
Despite whale accumulation, there was no change in the state of PEPE’s price at the time of writing. In the last 24 hours, the price of PEPE had fallen by 3.27%.
The outlook for PEPE looked quite bearish, with the price of PEPE showing multiple lower lows and lower highs over the last month.
Since PEPE is a memecoin, a large part of its price action is also driven by social volume and sentiment.
According to Santiment’s data, the social volume around PEPE fell materially in the last few days. This indicated that PEPE wasn’t able to garner attention on social media compared to other memecoins.
However, the weighted sentiment around PEPE was relatively high. A high weighted sentiment suggested that the positive comments around PEPE outnumbered the negative ones on the social front.
A positive weighted sentiment could help PEPE see green in the future.
Source: Santiment
However, in terms of network growth, PEPE wasn’t able to see any positive movement. In the last few weeks, the network growth around PEPE fell considerably.
How much are 1,10,100 PEPEs worth today
A falling network growth indicated that the number of new addresses that were showing interest in PEPE had declined.
Moreover, the velocity around PEPE also fell, which showcased that transaction activity of the memecoin had also taken a hit.
Source: Santiment
Filed under: Bitcoin - @ January 12, 2024 3:50 pm