Crypto Currents: Can Whale Investors Bring PEPE Back In Action?
29 August 2023 - 2:00PM
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PEPE is garnering attention from major investors as the buzz
surrounding the meme coin continues to grow. However, despite the
increasing interest, these tokens are grappling with a persistently
bearish sentiment, as their price performance remains lackluster.
In an interesting turn of events, a significant number of investors
are beginning to cast their gaze upon PEPE. Lookonchain’s latest
report reveals a notable occurrence – a user invested 27 ETH,
equivalent to $45,000, to secure a staggering 50 billion of the
frog-themed token. More astonishingly, this same investor managed
to acquire a jaw-dropping 5.9 trillion PEPE tokens for a mere 0.125
ETH, roughly valued at $251. This strategic move was followed
by the sale of 3.95 trillion PEPE tokens, resulting in an
impressive haul of 2,505 ETH, equivalent to $4.7 million. Related
Reading: MATIC Social Sentiment Slides To Negative Territory –
What’s The Impact On Price? Surge In PEPE Interest Amid Mixed
Sentiment Despite the glaring positivity in terms of investor
activity, the overall sentiment surrounding PEPE tokens remains
less than stellar. Lookonchain’s data cited in a price report
indicates that social mentions related to the meme coin witnessed a
solid 151.3% surge. Likewise, social engagements related to
the coin also experienced a substantial uptick of 106.9% during the
same period. This surge in interest could potentially pave the way
for a more dynamic price movement for PEPE tokens in the future.
Related Reading: Shiba Inu Price Analysis: Bearish Pattern Puts
Heavy Load On SHIB Advance However, the buoyancy in social media
activity was not mirrored in sentiment. Santiment, a prominent
on-chain analytics firm, utilized a weighted sentiment indicator to
gauge the general outlook of PEPE across various social media
platforms. This indicator painted a predominantly negative picture
of the meme coin’s sentiment landscape, casting a shadow over the
excitement surrounding the token. PEPEUSDT trading at $0.0000054 on
the daily chart: TradingView.com Price Volatility On The Horizon
Santiment’s analysis also spotlighted a pivotal moment in PEPE’s
journey – the transfer of a substantial 16 trillion Pepe tokens by
the developers for sale on exchanges. This move thrusts Pepecoin
into the spotlight as the top trending crypto topic. However,
Santiment’s cautionary note echoes concerns about heightened price
volatility that may lie ahead for PEPE tokens, further complicating
their price trajectory. Meanwhile, PEPE is trading at a current
price of $0.000000839460, with a 3.6% decline in the last 24 hours
and a significant seven-day slump of 21.0%, as reported by
CoinGecko. 🐸 If you are riding the wave of #memecoins during these
uncertain market conditions, #Pepecoin has quickly become the top
trending #crypto topic this weekend. Former team members are
accused of removing $16M. Expect even more high volatility than
usual. https://t.co/iQLD7h224s pic.twitter.com/UOR4sTcWwv —
Santiment (@santimentfeed) August 27, 2023 As PEPE continues to
captivate larger investors and experience a surge in social media
interest, the prevailing negative sentiment and ongoing price
struggles underscore the challenges facing this unique
cryptocurrency. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Coin Edition
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