good time to buy pepe as the market slow down a little to go harder for another 100% Gains in 30 Days, But Can Meme coin Stay Calm?🚀🚀
An infamous meme coin is on fire in the cryptocurrency world. PEPE, a token featuring the internet's favorite frog, has soared in recent weeks, leaving investors questioning whether this is a new age or a fad.
🚀PEPE Tears: New Highs, Whale Activity
PEPE has soared in the previous month, beating predictions and rewarding investors. The price soared over 100% in 30 days to a new record high. Into The Block statistics showed that 97% of hodlers profited from this meteoric climb.
Pepe has grown 56% in the last week and 99% in the past month, reclaiming its position as the third-largest meme currency by market value from Dogwifhat (WIF).
Bullish momentum is unabated. The last 24 hours witnessed another 3.7% jump, pushing PEPE to its high. Financial and social media attention has followed this amazing result. The coin's social volume has increased, showing online talk and interest.
Crypto market cap around $2.5 trillion. TradingView chart
A whale, a major investor with purchasing power, has been stirring the pot. The blockchain analytics firm Lookonchain detected a whale withdrawing 500 billion PEPE from Binance, a prominent cryptocurrency exchange. Mass accumulation shows a whale-sized trust in PEPE's future.
Buy Frenzy or Overheated Engine?
The recent price gain and social media attention are great, but some experts advise caution. Looking at technical indicators might indicate an overheated market. Chaikin Money Flow (CMF), which monitors purchasing and selling pressure, has fallen.
PEPE's price may correct since the Money Flow Index (MFI) and Relative Strength Index (RSI) are both overbought.
Selling pressure complicates everything. As investors pile in, others may cash out on gains. Santiment, a crypto analytics platform, saw PEPE exchange outflow surge last week, suggesting purchasing pressure. They also saw a spike in exchange supply, indicating investors are selling at the high price.
