- Whales accumulate 2 billion PEPE tokens, indicating possibility of resurgence on the crypto horizon.
- PEPE, memecoin in decline, faces uncertainty, with whales and social sentiment at the center of its story.
Whales, those big crypto-ocean investors, have begun to show interest in PEPE. Data from lookonchain reveals a massive transfer of 2 billion PEPE tokens, equivalent to $2.74 billion, to the Binance exchange.
A mystery investor, who previously used 920 stETH tokens and 253 WETH tokens to acquire 2.01 billion PEPE, is now in the middle of the action. If he decided to sell now, he could pocket around $705,000. Is something exciting brewing?
Price and Current Outlook
Despite this intriguing whale of a move, PEPE’s price doesn’t seem to have found out yet. In the past 24 hours, it has experienced a 3.27% drop. Could this be the time for the whales to deploy their tricks to resurrect memecoin?
The truth is that, so far, PEPE has shown a downward trend. With multiple lower lows and lower highs in the last month, the situation has not been the most encouraging.
Social Volume and Sentiment
PEPE, like all memecoin, dances to the beat of volume and social sentiment. This is where things get interesting. According to Santiment, social volume around PEPE has decreased in recent days .
Has PEPE lost his mojo on social media? Not so fast. Despite this, weighted sentiment for PEPE remains relatively high. This detail suggests that positive comments outweigh negative ones on the social front. Could this positive sentiment be the spark PEPE needs to shine again?
Network Growth
Unfortunately, not all waves are positive for PEPE. Network growth has experienced a sharp drop in recent weeks. What does this mean? Well, it indicates that interest in PEPE, as measured by new addresses, has waned.
Transactions around PEPE have also slowed, signaling that memecoin transactional activity has been affected. While these signals could indicate a difficult time, they may also be the calm before the storm.
While the whales play their cards, the price seems oblivious for now. The balance between declining network growth and positive sentiment on social networks adds layers of uncertainty.
