- Pepe coin’s sudden deposit triggers 5.2% drop, raising investor speculation.
- New addresses show interest, potential for significant surge in Pepe.
In a sudden move that caught many investors off guard, a multisign wallet made a significant deposit of 1.238 trillion Pepe tokens, worth a staggering $10.6 million, to Binance. This hefty influx caused an abrupt 5.2% drop in the token’s price, leaving many wondering about the motives behind such a move.
Despite holding onto the tokens for only three days, the whale responsible for the deposit would have only realized a modest profit of $134,000, a mere 1.28% increase. This curious maneuver comes at a time when Pepe, like many meme coins, has been experiencing a period of volatility amid fluctuating popularity.
However, amidst the turbulence, there are glimmers of hope for Pepe community. Analysis of Santiment’s data reveals a promising uptick in Network Growth, indicating renewed interest from new addresses. This influx of fresh attention could potentially pave the way for a significant surge in the token’s value down the line.
Moreover, the recent accumulation of Pepe tokens by a notable whale further adds to the optimism surrounding the coin. With a hefty investment of $1.26 million in USDC, this whale secured a substantial amount of Pepe tokens, marking their seventh successful trade within the past six months, yielding profits totaling $915,000.
Where The PEPE Frog Jump onto Next?
Charting its recent price movements, Pepe has demonstrated a bullish trend, marked by higher highs and higher lows since testing the $0.00000448 level on April 14th. Despite encountering some volatility along the way, the overall trajectory remains positive, with the potential for the token to test the $0.00000926 level in the near future.
Supporting this bullish sentiment is the Relative Strength Index (RSI), currently standing at 62.55, suggesting that the momentum remains strong without venturing into overbought territory just yet.
However, the ultimate trajectory of Pepe’s price hinges not only on its technical indicators but also on its social media presence. Recent spikes in Social Volume indicate heightened interest in the meme coin, hinting at the possibility of continued price rallies in the days to come.
