- After rallying on September 28, PEPE returned more than 3% the next day.
- It seemed like there was a broader market accumulation going on.
There has hardly been a dull chapter in the short history of frog-themed Pepe [PEPE]. The memecoin’s fickle price fluctuations, which can make or break a portfolio, have piqued the interest of many cryptocurrency watchers.
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PEPE moves unpredictably
On September 28, the memecoin rose in value by more than 12%, according to data from CoinMarketCap. Given the trajectory, the bulls might have been preparing for further gains. But unfortunately this was not the case.
Source: CoinMarketCap
A day later, on September 29, PEPE reduced more than 3%. While this can be attributed to profit-seeking traders, the fluctuations were an accurate reflection of the memecoin’s volatile behavior.
Are whales on to something?
The third-largest memecoin by market capitalization has seen sustained trading activity in recent days. The market movements of a specific address attracted a lot of interest.
According to Look at chaintraders have been regularly buying and selling PEPE tokens to maximize profits.
After making a whopping $2.34 million from their previous trades, the address purchased PEPE worth $645,000 in a transaction on September 29. Needless to say, the trader was optimistic about PEPE’s short-term prospects.
But it wasn’t just limited to one wallet. According to Santiment data, whales were liberally expanding their stacks, as evidenced by the spike in supply of prime addresses.
Source: Santiment
In addition, the supply on the stock exchanges has decreased significantly in the past week. This suggested that broader market accumulation was underway and that PEPE could rise further after testing support levels.
Remember that the turbulent world of memecoins is full of dangers. Investors are advised to exercise caution with DYOR.
Social activity decreases
Surprisingly, the social buzz around PEPE has dropped after peaking a week ago. This despite the steady increase in the value of the currency.
Moreover, weighted sentiment turned negative from September 29, indicating that investors had a pessimistic outlook
Source: Santiment
Read Pepe’s [PEPE] Price forecast 2023-24
PEPE is a departure from the many dog-themed tokens that have dominated the market. The cryptocurrency exploded ten times within days of its launch, attracting a swarm of profit-hungry traders.
According to PEPE official sitethe currency has no intrinsic value or expectation of financial return.