Memecoin Pepecoin (PEPE) has recently gained significant attention in the crypto community with a staggering 400% price rally within a week. While this digital currency reached an all-time high of $0.0000046 last Friday, the past weekend saw Pepecoin getting caught in a strong selling pressure. This situation has led to noticeable changes in the market, such as increased whale activity.
As reported by CoinGape, whales have been quick to profit from their PEPE holdings after crypto exchange Binance decided to spot list the coin. However, with Pepecoin’s price drop over the weekend, some whales that made purchases during the frenzy are now looking at considerable losses. According to data from Lookonchain, one whale purchased 962 billion PEPE coins at an average buying price of $0.000003122, only to face paper losses greater than half a million dollars.
Despite the losses, some early whale buyers and Pepecoin believers view the recent dip as an opportunity to buy in once again. On-chain data provider Lookonchain shared that four whales (possibly the same person) bought $PEPE within three minutes of its listing without selling until now, amounting to a 133,095x gain.
After last week’s impressive rally, the frog-themed memecoin PEPE experienced a nearly 50% correction from its highs. As of this writing, PEPE is down by 6.80% within the last 24 hours, trading at a price of $0.00000238.
Yet, speculating on whether the Pepecoin uptrend will continue is not a simple matter, especially considering its massive price surge over the past three weeks. On this matter, popular crypto trader Bob Louka weighed in, stating that announcing “tops” in meme coins like PEPE based on market capitalization is comical. Louka argued that as these coins have no intrinsic value, they are both technically worthless and priceless. He also emphasized the importance of respecting both the pumps and the potential for being dumped in the market while appreciating the culture surrounding meme coins.
The future trajectory for Pepecoin remains uncertain as it continues to be subject to ever-changing market conditions. As always, conducting thorough research before investing in cryptocurrencies is crucial, ensuring informed decisions that minimize personal financial loss.
Source: Coingape
