As a seasoned crypto investor with battle-scarred eyes from the 2017 bull run and the subsequent bear market, I find myself intrigued by the recent developments surrounding Pepe (PEPE). The shift in whale activity and holder composition is reminiscent of the early days of Dogecoin, another meme-based token that saw exponential growth driven by retail FOMO.
In simpler terms, there’s been a significant change in the behavior of large investors (whales) and the type of people holding the Pepe token, which originated from the meme “Pepe the Frog” from the 2000s.
Based on information from IntoTheBlock, there was a change in the direction of significant Pepe (PEPE) wallet transactions on Tuesday, Dec. 3. The previous day saw a net outflow of approximately 534 billion PEPE, but on Tuesday, there was a net inflow of around 580 billion PEPE instead.
This momentum from Pepe investors could trigger FOMO (fear of missing out) among retail holders.
Over the past 20 days, an unidentified user, known as a “Pepe whale,” has moved more than 337 billion PEPE tokens on Binance, the leading cryptocurrency exchange in terms of trading volume, according to a recent post by Lookonchain on Wednesday.
Whales continue to accumulate $PEPE!
A whale has withdrawn 337.09B $PEPE($6.92M) from #Binance in the past 20 days.
— Lookonchain (@lookonchain) December 4, 2024
These tokens are now worth roughly $7 million.
As a researcher, I’ve observed an unprecedented surge in the inflow of Pepe whale nets on November 14, with significant holders amassing approximately 4.7 trillion PEPE coins as the coin price peaked at $0.000023, according to ITB data. Since then, the meme coin’s price has been consolidating below that level.
Conversely, it has been observed that the number of PEPE holders, particularly those who have held the meme coin for mid-term and long-term (over a year), has decreased noticeably over the past month. According to ITB data, the number of addresses holding the meme coin for more than a year dropped from 91,200 on November 11 to 89,000 on December 3.
As a crypto investor holding onto PEPE for between one and twelve months, we witnessed a drop from approximately 200,000 on November 8th to around 89,000 as of yesterday. However, it’s worth noting that those trading PEPE within a month have seen a significant surge – an impressive 262% increase over the last thirty days, reaching a total of 72,000 unique wallet addresses.
Pepe has been consolidating close to $0.000020 over the past day with a market cap of $8.69 billion. Its 24-hour trading volume declined by 1% to $3.48 billion.
Currently, PEPE’s bullish push might encounter resistance from short-term traders, unless there’s another significant buildup of large investors. This means the cryptocurrency could be quite unpredictable.
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2024-12-04 10:02