Frog-themed PEPE has been moving erratically in recent days, doing no harm to its reputation as a memecoin.
It appeared that a broader market accumulation was underway.. The memecoin’s fickle price swings, which can make or break a portfolio, have piqued the interest of many cryptocurrency watchers.On 28 September, the memecoin jumped more than 12% in value, as per data from CoinMarketCap. Seeing the trajectory, the bulls might have geared for further gains. But unfortunately, this was not the case.A day later, on 29 September, PEPE retraced more than 3%.
After having made a whopping $2.34 million from their previous trades, the address purchased PEPE worth $645,000 in a transaction on 29 September. Needless to say, the trader was bullish on PEPE’s near-term prospects. But it was not just restricted to one wallet. According to data from Santiment, whales added to their stacks lavishly, as evidenced by the spike in supply held by top addresses.Moreover, the supply on exchanges has declined considerably over the week. This suggested that a broader market accumulation was underway and PEPE could rise further after testing the support levels.
Remember that the turbulent world of memecoins is fraught with dangers. Investors are advised to tread with caution and DYOR.Surprisingly, the social buzz around PEPE has climbed down after peaking a week ago. This despite the steady increase in the value of the coin. Additionally, weighted sentiment fell into the negative territory as of 29 September, indicating that investors had a pessimistic viewPEPE was a departure from the numerous dog-themed tokens that dominated the market. The crypto coin exploded 10x within days of its launch, attracting a swarm of profit-hungry traders.Share
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