The meme-inspired cryptocurrency BRETT has been on a bullish run lately, with its price surging by over 500% in the past three weeks. The meteoric rise has propelled BRETT to become the 63rd largest cryptocurrency by market capitalization globally, and it shows no signs of slowing down as it continues to rapidly climb the ranks.
Soaring Demand and Bullish Sentiment
The bullish sentiment surrounding BRETT has been fueled by its growing popularity and the frenzy surrounding meme coins. Influential crypto analysts and traders have taken notice of BRETT’s ascent, with some predicting that it could emerge as a standout performer in the current bullrun.
Erik Stevens, a crypto analyst, tweeted: “Amidst the tens of thousands of cryptocurrencies, $BRETT @BasedBrett has surged to become the 63rd largest by market cap globally. And it’s not stopping there—it’s rapidly climbing the ranks. Let that sink in.”
OptimusBull, another crypto trader, echoed a similar sentiment, stating: “$BRETT continues to make new ATH after new ATH…. Don’t be surprised if $BRETT ends up being the stand out performer of this bullrun, @base will grow exponentially this cycle, and the top projects on chain will be the beneficiaries, $BRETT is the @base behemoth.”
Early Buyers Taking Profits
Despite the bullish momentum, on-chain data from SpotOnChain, an analytics platform, reveals that some early buyers and insiders are already taking profits. According to the data, five early buyers/insiders deposited 71.76 million BRETT tokens (worth approximately $9.94 million) to major exchanges like Gateio, KuCoin, and Bybit in the past 32 hours.
These addresses belong to an entity labeled “BRETT Early Buyers/Insiders,” which swapped 4.9 ETH (approximately $14,400) for 1.86 billion BRETT tokens, or 18.6% of the total supply, within 45 minutes of the token’s creation on February 25.
Also Read: Bitcoin Price Analysis: Top Trader Warns of an Imminent BTC Correction – Here’s Their Outlook
Possible Reason and Potential Price Retrace
The profit-taking by early buyers and insiders could potentially cause a short-term price retrace for BRETT. Notably, after each deposit by these entities, the price of BRETT dipped, suggesting that their selling pressure was impacting the market.
Moreover, as news of insiders dumping their holdings spreads, other holders may also seek to secure some profits, exacerbating the potential downward pressure on the price.
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While the reasons behind the early buyers’ decision to sell are not entirely clear, it is common for investors to take profits or diversify their investments, especially after significant price appreciation.
The meme coin frenzy surrounding BRETT has fueled its meteoric rise, attracting attention from influential traders and analysts. However, the on-chain data revealing profit-taking by early buyers and insiders could potentially dampen the bullish momentum in the short term. As the market digests this information, a price retrace may occur as other holders also look to secure gains.
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