- Shopping for stress on the meme coin continued to stay excessive.
- Market indicators advised that PEPE may witness a worth correction.
Pepe [PEPE], one of the well-known meme cash, has displayed promising efficiency during the last week. Whereas the meme coin’s worth surged, a whale truly offered a considerable variety of tokens, incomes income.
Does this imply that the whale is anticipating PEPE to witness a worth correction within the close to time period?
Are PEPE whales promoting?
During the last week, PEPE registered double-digit development, which appeared promising. To be exact, the meme coin managed to elevate its worth by greater than 33%.
The truth is, it additionally maintained its positive aspects within the final 24 hours, because it was up by over 9%. On the time of writing, the coin was buying and selling at $0.000001418 with a market capitalization of over $592 million, making it the 89th largest crypto.
Whereas the coin’s worth continued to pump, a whale selected to promote its holdings.
In accordance with a current tweet from Lookonchain, a whale deposited 794 billion PEPE, which was value $1.1 million to Gateio, when the value of the token surged. This sale allowed the whale to earn a revenue of $230,000.
The value of $PEPE simply soared greater than 20%.
We observed {that a} pockets deposited 794B $PEPE ($1.1M) to #Gateio when the value of $PEPE skyrocketed, making ~$230K.
Subsequently, the value of $PEPE started to fall from the height.https://t.co/MBLnOSNlSE pic.twitter.com/cLTtCyMpGJ
— Lookonchain (@lookonchain) December 4, 2023
Does this imply that the whale was anticipating a worth drop? However when AMBCrypto checked Santiment’s information, we discovered that whale exercise across the meme coin was excessive.
The truth is, they have been truly rising their holdings, which was evident from the truth that PEPE’s provide held by high addresses elevated final week. Not solely that, however retail traders at giant have been additionally accumulating.
PEPE’s provide on exchanges dropped sharply whereas its provide exterior of exchanges elevated, that means that purchasing stress on the token was excessive. Its trade outflow additionally spiked, additional proving the truth that traders have been shopping for.
Supply: Santiment
What to anticipate from PEPE
Since traders are nonetheless shopping for PEPE, AMBCrypto then checked PEPE’s day by day chart to raised perceive what to anticipate from it over the times to observe.
Lifelike or not, right here’s PEPE’s market cap in BTC phrases
The MACD remained bullish because it displayed a bullish crossover; nonetheless, the meme coin’s worth touched the higher restrict of the Bollinger Bands, which may trigger a worth correction.
Moreover, each its Relative Energy Index (RSI) and Cash Circulate Index (MFI) have been close to the overbought zone. This elevated the possibilities of a rise in promoting stress, which may push the coin’s worth down.
Supply: TradingView
