As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed countless market cycles and trends. The current surge in Pepe Coin (PEPE) is nothing short of astonishing, with its price skyrocketing by 75% within 24 hours. However, my years of experience have taught me to tread cautiously when it comes to meme coins.
Over the past 24 hours, the price of Pepe Coin (PEPE) skyrocketed by an impressive 75% due to its listings on platforms like Coinbase and Robinhood. But, some data from the blockchain suggests that big investors, or “whales,” may soon cash out their holdings, which could lead to a decline in meme coins like PEPE. In fact, one such whale recently sold almost 500 billion Pepe Coins, amassing nearly $45 million in profits.
Pepe Coin Whale Dumps Massive Holdings
Initial investors and large holders (whales) of PEPE have begun cashing out their profits. According to Lookonchain’s report on November 14, one whale sold 500 billion PEPE coins valued at approximately $11.8 million from its holdings. This group accumulated a total of 2.01 trillion PEPE tokens between May 5 and September 10 of last year, with an initial investment of around 1,170 ETH, which was equivalent to $2.12 million at the time.
As an analyst, I find it noteworthy to mention that while I currently have a deposit in Coinbase, there’s a significant player, often referred to as a ‘whale’, who continues to hold approximately 1.48 trillion PEPE coins, equating to a value of around $33.2 million. This suggests that the whale has multiplied their initial investment by 20 times, resulting in an impressive total profit estimated at roughly $45 million.
The price of PEPE skyrocketed to a record peak, increasing by an impressive 75% in just one day, due to its successful listing on major platforms like Coinbase, Robinhood, and Upbit. With PEPE now commanding a market capitalization of $10 billion, daily trading volumes have exploded by 200%, surpassing the $20 billion mark in this exciting market trend.
According to data from Coinglass, the open interest for PEPE has experienced a significant increase of approximately 63%, reaching a level of around $316 million. Over the past 24 hours, the total amount of positions liquidated due to market movements reached an impressive $48 million.
A Meme Coin SellOff Ahead?
As an analyst, I’ve observed a significant surge in the performance of the meme coin sector, particularly after the recent victory of Donald Trump in the US Presidential Elections last week. Notably, popular meme coins like Dogecoin (DOGE) and Pepe Coin (PEPE) have witnessed over 100% growth within a week. Furthermore, lesser-known meme coins such as dogwifhat (WIF), Bonk (BONK), and Floki Inu (FLOKI) have seen impressive gains of approximately 60-70% each, fueled by the ongoing meme coin craze.
On the other hand, the excitement surrounding meme coins has reached unprecedented heights, fueled by greed and fear of missing out (FOMO). This is based on Santiment’s on-chain analysis, indicating potential caution when considering a selloff. Furthermore, there’s been a notable increase in conversation about meme coins, which could signal an upcoming market adjustment.
Commenting on the current frenzy in the meme space, popular economist Alex Kruger stated:
In essence, cryptocurrencies today are largely focused on meme coins, as this is what the public is currently interested in. This trend is evident in the Binance listings of PNUT and ACT, as well as the Coinbase listings of PEPE and WIF, which indicates that exchanges are catering to this demand.
As an analyst, I’ve noticed some significant movements in the cryptocurrency market. Besides Pepe Coin, PNUT’s price has skyrocketed by a staggering 200%, extending its weekly growth to over 1600%. On the other hand, Dogecoin is currently trading at $0.392, and WIF is being exchanged at around $4.18. These prices are climbing steadily as the market sentiment remains bullish.
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2024-11-14 08:58