A post from Lookonchain revealed four different investors bought large amounts of memecoin PEPE in the past 24 hours and one of them withdrew 350 billion tokens from Binance. This withdrawal confirmed the decision to HODL instead of selling in the short term.
During the same period, another buyer withdrew 101 billion PEPE, worth $885,000, from the exchange. The remaining two giant purchases include 123.66 billion and 74.5 billion tokens.
Buying large amounts of memecoins is nothing new but each time something similar happens it seems to indicate that market participants are preparing for a significant price increase.
At press time, PEPE is trading at $0.0000086, representing a slight increase of 1.9% over the past 24 hours. An onchain indicator suggests this memecoin could rise even more.
Data from Santiment shows that 63.55 million PEPE tokens left exchanges while 2.48 million tokens transferred into these platforms in the past day.
The notable difference in inflows and outflows on the exchange shows that more investors are willing to hold memecoins. This suggests that PEPE price could gain momentum towards the $0.00001 level.
Despite the bullish potential, several other onchain indicators suggest that PEPE's momentum could stall in the short term.
The weighted sentiment indicator (*Weighted Sentiment) is currently at 0.265 in the positive zone, implying that most comments about memecoin are positive.
However, the index is down from May 9, meaning optimism is fading slowly.
But as long as sentiment has not turned negative, PEPE still has a chance to recover.
However, the *NVT ratio spiked to 79.95, implying that the PEPE price is too high compared to actual trading volume, and could be a sign of a price collapse in the near future.
*Weighted Sentiment is a mood analysis method used to measure users' overall emotions towards a specific topic, often applied in the field of data analysis on social networks and forums. online, or other social media platforms. Each opinion or comment from a user is assigned a corresponding weight based on the importance or reputation of that user.
*Network Value to Transaction (NVT) is an index that measures the combination of the value of the network and the volume of transactions taking place on the network, calculated by dividing the total value of all tokens on the blockchain network ( usually the market price of the token) for the total trading volume over a given period.
NVT can be used to evaluate whether the price of a cryptocurrency is being supported by actual trading volume. If NVT is high, this could indicate that the price of the cryptocurrency is too high relative to actual trading volume, and could be a sign of a possible price collapse in the near future. Conversely, a low NVT may indicate that the network value is being supported by a sufficiently large number of transactions.
Source: https://tapchibitcoin.io/nha-dau-tu-pepe-thich-tich-luy-va-hodl-hon-la-ban-tai-sao-vay.html
