- Whales began to accumulate large amounts of PEPE.
- The price of PEPE continued to decline as social sentiment and volume decreased.
After being one of the most popular memecoins earlier in 2023, there is interest in PEPE [PEPE] has decreased in recent months. However, the recent accumulation of whales suggested that there are chances for a revival of PEPE.
Whales are starting to keep an eye on PEPE
According to lookonchain’s data, a whale transferred 2 trillion PEPE tokens, equivalent to $2.74 million, to the Binance exchange.
Previously, this investor used 920 stETH tokens worth $1.55 million and 253 WETH tokens worth $480,000 to purchase 2.01 trillion PEPE tokens between May 5, 2023 and September 10, 2023.
If the investor sells these tokens now, he can make a profit of approximately $705,000.
A whale dropped off 2T $PEPE ($2.74 million). #Binance 5 hours ago.
The whale spent 920 $stETH($1.55 million) and 253 $WETH($480K) to buy 2.01T $PEPE between May 5, 2023 and September 10, 2023.
Selling now will result in a profit of ~$705,000.https://t.co/9zRGywTADp pic.twitter.com/eiACLHvrdD
— Lookonchain (@lookonchain) January 12, 2024
If the whale accumulation trend continues, the memecoin price may temporarily rise. However, it could also lead to PEPE circulation becoming more centralized.
No major changes
Despite the accumulation of whales, there was no change in the price of PEPE at the time of writing. In the last 24 hours, the price of PEPE has fallen by 3.27%.
The outlook for PEPE looked quite bearish, with the price of PEPE showing multiple lower lows and lower highs over the past month.
Because PEPE is a memecoin, much of the price action is also driven by social volume and sentiment.
According to Santiment’s data, social volume around PEPE has dropped significantly in recent days. This indicated that PEPE could not attract attention on social media compared to other memecoins.
However, the weighted sentiment around PEPE was relatively high. Highly weighted sentiment suggested that positive reactions around PEPE outnumbered negative ones on the social front.
A positive weighted sentiment could help PEPE see green going forward.
Source: Santiment
However, in terms of network growth, PEPE could not see any positive movement. In recent weeks, network growth around PEPE has fallen sharply.
How much are 1,10,100 PEPEs worth today?
Declining network growth indicated that the number of new addresses showing interest in PEPE had decreased.
Moreover, the rate around PEPE also dropped, showing that the memecoin’s transaction activity had also taken a hit.
Source: Santiment
