- Whale interest meant a potential turnaround for PEPE memecoin.
- Social engagement and sentiment shifted as the price of PEPE surged.
Pepe[PEPE], a relatively new entrant in the realm of memecoins, initially surged in popularity, but its struggle to regain its footing was apparent in the months following its launch. However, recent data suggested a potential shift in its trajectory, fueled by whale interest and changing sentiment.
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A tale of frogs and whales
A notable uptick in whale interest was evident from Lookonchain’s data. A substantial investment of 1 million USDC secured a massive 807 billion PEPE tokens at a price of $0.000001239, a move triggered by an increase in PEPE’s value.
— Lookonchain (@lookonchain) August 9, 2023
Whale interest in any cryptocurrency can have both positive and negative implications. Whale interest can lead to positive price movements over the short term; however, it makes investors susceptible to sudden whale behavior as well.
Evidence of a sudden PEPE sell-off was indicated by the behavior of a whale on 7 August. According to recent data, the whale liquidated a substantial amount of 2.26 trillion PEPE, at an average price of $0.000001121. This maneuver resulted in a significant loss of $707,000. These contrasting moves within a short span can impact retail investors in the long run.
Is Pepe the talk of the town?
Social perception plays a crucial role in the meme coin sector. PEPE’s journey has been no different, benefiting from increased social engagements and mentions.
Lunarcrush’s data revealed a 1.9% growth in social engagements and an impressive 28.25% surge in social mentions. This rise in online chatter underscores the role of community engagement in shaping memecoin trajectories.
Weighted sentiment, another vital indicator of market sentiment, also underwent an upswing recently. This shift implied a greater degree of positivity associated with PEPE in online discussions. Such shifts in sentiment often serve as precursors to broader market movements, potentially setting the stage for the token’s revival.
At press time, PEPE was trading at $0.000001246 and had grown by 12.82% in the last 24 hours.
The surge in price coincided with a growth in the number of token holders, showcasing a growing interest among investors. This expansion in the user base can enhance the coin’s resilience and potential for future growth.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
However, amidst these positive signals, a decline in network growth raised concerns. Fewer new addresses engaging with PEPE could indicate a waning interest among potential users.
Taking a broader perspective, trader sentiment was also evolving. According to Coinglass, short positions against PEPE have slightly decreased, shifting from 54% to 50%.