PEPE goes green thanks to bullish demand as SHIB comparisons emerge
- PEPE sees some price stimulation supported by whale activity
- PEPE’s prospects based on its roadmap need evaluating
PEPE memecoin is once again gaining traction after a bearish trajectory for a considerable period. Interestingly, the latest PEPE price uptick suggests a possible pattern, one which may offer some insights into what to expect.
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We previously noted that PEPE’s rally in June had all the makings of demand driven by heavy speculation. This, because the memecoin was heavily hyped during that time. There is notably lower hype this time, but the price is engaging in bullish action for the first time in the last 4 weeks.
The common theme between PEPE’s current rally and its previous one is a slowdown in demand for mainstream cryptocurrencies. Could the whales be on the hunt once again? Well, there are significant signs suggesting that whale activity could be attempting to push the demand for PEPE.
At press time, PEPE’s supply distribution revealed that two of the largest whale categories have been influencing liquidity over the last 7 days. The largest category are addresses holding over 1 billion PEPEs (denoted in red), representing 96.54% of the circulating supply. The second largest are addresses holding between 100 million and 1 billion PEPEs (denoted in green) with 2.88% of the total supply.
The two whale categories contributed to sell pressure from mid-July, up until 7 August. However, the same whales recently started accumulating.
Is PEPE going to be the next Shiba Inu?
PEPE’s current performance also confirms that whales are once again trying to stimulate demand just as they did in July. However, doing so would also amount to speculation since there is currently not much in terms of utility to support its existence beyond the realm of speculation. But before we conclude there, perhaps a look at PEPE’s roadmap may offer a different opinion.
PEPE might be heading in a similar direction to Shiba Inu since it also started as a meme coin, but is now branching out in favor of utility. In fact, according to its official whitepaper, Pepecoin plans to launch various products including a rug checker called Pepescan. There are also plans to launch merchandise and games in the future.
Read about PEPE’s price prediction for 2023/2024
PEPE’s roadmap highlights potential growth opportunities for its ecosystem. The achievement of the various goals in the roadmap will determine the level of trust and adoption that PEPE can achieve. Here, it’s worth keeping in mind that not all crypto projects are successful. Hence, those interested in PEPE should keep a close eye on its roadmap and milestone achievements.