In 2021, SHIB coin once achieved an astonishing growth of 280,000 times, which is undoubtedly a shocking figure. However, in 2023, Pepe coin achieved an astonishing growth of 375,000 times in just 21 days, and its rise is legendary. Perhaps we used to describe such a situation as "a toad wants to eat swan meat", but the legendary history of PEPE coin tells us that even a seemingly humble "toad" can emit a more dazzling light than a swan.
Multiple whale addresses have recently increased their holdings of PEPE
The crypto market has recently set off a huge wave. First, a "whale" quietly dived into the deep sea of PEPE tokens and swept up as many as 357.3 billion tokens on the Binance platform. This astonishing move instantly triggered a frenzy in the market.
Subsequently, according to Lookonchain monitoring: 17 hours ago, the address 0xa4Fd purchased 123.6 billion PEPE at a price of US$0.00000881, spending 1.09 million USDC; 17 hours ago, the address 0x895f withdrew 101 billion PEPE (about US$885,000) from Binance; 7 hours ago, the address 0x24E3 purchased 745 billion PEPE at a price of US$0.000008873, spending 661,000 USDC.
(Whales refer to individuals or entities that hold a large amount of cryptocurrency, and their trading behavior can often affect market prices)
Their actions pushed the originally calm PEPE market to a climax. After the news spread, the price of Pepe soared strongly and became the focus of market attention. At the same time, a mysterious anonymous wallet completed a huge transaction of up to 36 billion PEPE tokens. On the Kraken trading platform, an astonishing 121 billion PEPE tokens poured in.
PEPE bullish momentum is strong
The price of PEPE has risen by more than 10% in the last week, bringing huge profits to investors. In fact, according to market capitalization data, the value of Memecoin has risen by more than 6.5% in the past 24 hours.
However, the optimism surrounding memecoin has slightly declined – which is also confirmed by the decline in weighted sentiment.
However, according to one analysis, the decline in investor confidence may not have had an adverse impact on PEPE just yet. Plazma, a popular cryptocurrency analyst, also holds this view and tweeted that Memecoin will test its all-time high price.
To verify this point, AMBCrypto analyzed PEPE's on-chain indicators. According to the study of Santiment data, PEPE's MVRV ratio value is 16.26%. Whale activity around meme coins was also very active last week.
Further research found that the supply of Memecoin held by the top addresses is also increasing. This obviously means that whales are buying PEPE, indicating that they expect the price of Memecoin to surge in the coming days.
Is PEPE about to hit new highs?
AMBCrypto then checked Memecoin’s daily chart and explored the possibility of the coin hitting its all-time high price again.
The MACD indicator indicates that the market is in a bullish trend, while the relative strength index (RSI) is above neutral. In addition, the Bollinger Bands show that PEPE's price is well above its 20-day simple moving average (SMA), which means that the possibility of continued rise is high.
To determine if there are other resistance areas before reaching the all-time high, we looked at data from Hyblock Capital. The results show that PEPE’s liquidation price is about to climb rapidly around $0.00000928. Typically, an increase in liquidation volume triggers a price correction.
Therefore, it is crucial for Memecoin to break through this price level. A successful break above this level will set the stage for a test of its all-time high.
However, it cannot be said with certainty that only 1% of PEPE investors are currently short of funds, as data from IntoTheBlock reveals. This could prompt investors to sell their holdings, increasing selling pressure and potentially ending the memecoin’s upward momentum.
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