The memecoin Pepecoin (PEPE) has aroused great interest in the cryptocurrency sector in the past week, thanks to a 400% price increase in just seven days. Despite the recent all-time high hit by PEPE last week, there was significant selling pressure over the weekend, caused, among other things, by the activity of whales that decided to take their profits after Binance decided to list the cryptocurrency. However, some of the early buyers and believers in PEPE are considering the price drop as an opportunity to buy once more, while industry experts continue to monitor the situation before drawing conclusions about the future direction of PEPE’s price.
While some cryptocurrency traders consider memecoins like PEPE to have no intrinsic value, others appreciate the culture surrounding them and respect the dynamics of pumps and sales
Pepecoin (PEPE), price forecasts and market analysis
The Memecoin Pepecoin (PEPE) cryptocurrency saw a 400% price increase over the past week, drawing the attention of the crypto community. However, after reaching an all-time high of $0.0000046, the currency came under strong selling pressure over the weekend, due to the increase in the activity of whales that decided to profit on their investments in PEPE. Binance’s decision to identify the quote had a significant impact on the PEPE market and led to the current price situation
The activities of the PEPECOIN whales
It should be noted that, although the weekend led to a decrease in the price of Pepecoin, some whales that have made massive purchases are facing enormous losses. According to data from Lookonchain, one of these whales, which bought 962 billion PEPE coins at an average purchase price of $0.000003122, is therefore facing card losses exceeding half a million dollars. This information highlights how investing in cryptocurrencies can involve significant risks, which require attention and prudence in the strategic planning
However, in an interesting evolution of events, many of the first buyers of Pepecoin (PEPE) and those who believe in its value are seeing the current decline as an opportunity to reinvest. According to the on-chain data provider Lookingonchain, four large investors — presumably the same person — bought 8.77 billion dollars in PEPE (currently equal to 22.15 million dollars) within three minutes of PEPE’s listing, without selling anything yet. This resulted in a profit of 133,095 times their initial investment of 0.08 ETH dollars (equal to 166 dollars at the current exchange rate
Is PEPECOIN a good investment? What the experts say
The Pepecoin (PEPE) token came under significant selling pressure after a strong rally last week. The memecoin, based on the theme of the PEPE frog, registered a 50% correction compared to the highs of the last 72 hours. At the time of writing, PEPE is already trading down 6.80% in the last 24 hours at a price of $0.00000238. Considering the significant increase in prices over the past three weeks, it is difficult to predict if Pepecoin’s upward trend will continue. The renowned cryptocurrency trader, Bob Louka, commented that defining the top in these meme tokens like PEPE doesn’t make sense, since they have no intrinsic value and are technically worthless and priceless. Even if he is not part of the investors in Pepecoin, Louka shows respect, despite not sharing the same culture.