Connect with us
Active Currencies 14437
Market Cap $2,624,013,348,516.30
Bitcoin Share 50.19%
24h Market Cap Change $-4.10

PEPE’s Q4 starts on a promising note, will its gains continue?

2min Read

Frog-themed PEPE has been moving erratically in recent days, doing no harm to its reputation as a memecoin.

PEPE's Q4 starts on a promising note, will its gains continue?

Share this article

  • After a rally on 28 September, PEPE retraced by more than 3% the next day.
  • It appeared that a broader market accumulation was underway.

There’s hardly been a single dull chapter in the brief history of the frog-themed Pepe [PEPE]. The memecoin’s fickle price swings, which can make or break a portfolio, have piqued the interest of many cryptocurrency watchers.


Is your portfolio green? Check out the PEPE Profit Calculator


PEPE moves unpredictably

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.

Source: CoinMarketCap

A day later, on 29 September, PEPE retraced more than 3%. While this might be attributed to profit-seeking traders, the fluctuations were an accurate reflection of the memecoin’s volatile behavior.

Are whales on to something?

The third-largest memecoin by market cap saw sustained trading activity in recent days. The market moves of a specific address garnered considerable interest.

According to Lookonchain, the traders have been buying and selling PEPE tokens on a regular basis in order to maximize gains.

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.

Source: Santiment

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.

Social activity dips

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 view

Source: Santiment


Read Pepe’s [PEPE] Price Prediction 2023-24


PEPE 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.

According to PEPE’s official site, the coin doesn’t have any intrinsic value or expectation of financial return.

Share

Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.