The price of PEPE with a frog motif has been fluctuating recently, which hasn’t hurt its memecoin standing.
PEPE had a surge on September 28, but the next day it retraced more than 3%. There seemed to be an accumulation of markets on a larger scale.
PEPE’s Q4 has started off well, can its gains hold?,PEPE’s Q4 has started off well, can its gains hold?
The memecoin had a gain of almost 12% in value on September 28, according to CoinMarketCap statistics. Given the direction, the bulls may have anticipated more gains. Unfortunately, though, this was untrue.
On September 29, a day later, PEPE took a more than 3% step back. Even if profit-seeking traders might be to blame for this, the swings accurately reflected the unpredictable nature of memecoin.
Do whales have a secret?
Trading on the third-largest memecoin by market capitalization has been consistent in the last several days. The market movements of a certain address attracted a lot of attention.
Lookonchain claims that traders have been regularly purchasing and selling PEPE tokens in order to optimise profits.
Following a massive $2.34 million profit from their prior trades, the address executed a $645,000 buy of PEPE on September 29. It goes without saying that the trader had high expectations for PEPE’s future.
However, it wasn’t limited to a single wallet. Santiment data indicates that whales generously augmented their stacks, as seen by the supply rise experienced by top addresses.
Also, throughout the course of the week, the supply on exchanges has significantly decreased. This implied that a more extensive market accumulation was in progress and that PEPE may increase after testing the levels of support.
Keep in mind that there are many risks in the volatile realm of memecoins. It is urged to investors to exercise caution and DYOR.
Drops in social activity
Unexpectedly, after reaching a crescendo a week ago, the social media enthusiasm around PEPE has subsided. this even though the coin’s value has been steadily rising.
Furthermore, as of September 29, weighted sentiment was negative, indicating that investors had a gloomy outlook.
PEPE’s Q4 has started off well, can its gains hold?,PEPE’s Q4 has started off well, can its gains hold?,PEPE’s Q4 has started off well, can its gains hold?