Introduction
Recently, PEPE, a popular memecoin, has shown signs of recovery, spurred by significant interest from large investors (whales). This comes after a steep decline where PEPE lost 60% of its value, raising questions about its potential for a sustained comeback.
Big Buyers Stirring Things Up
This week, the activity of these big buyers increased a lot. They bought 14.5 trillion PEPE tokens, which made the price of PEPE jump up by 63% from the lowest point this month. But, PEPE still hasn’t reached the high prices it had before.
Recent Big Transactions
According to a report by Spot On Chain, a new big buyer set up a wallet and moved 500 billion PEPE tokens worth $4.3 million from Binance. Right before that, another long-time PEPE buyer took out 506.2 billion tokens worth $4.4 million, making their total bet on PEPE even bigger.
What Does Everyone Else Think?
Even though these big buyers are excited, not everyone is. The general feeling about PEPE is still pretty low. This means not many people are talking about it or buying it. This makes some people think that the recent price rise might not last long.
Are People Using Loans to Buy PEPE?
Pepe’s open interest, which shows how much money people are betting on PEPE with borrowed money. This number went up a lot recently, but the total amount of PEPE being bought and sold didn’t increase much. This could mean that the recent higher prices are because people are borrowing money to buy PEPE, not because they believe it’s a good investment.
PEPE Price Directions
Looking at charts that track PEPE’s price, it has recovered from the lowest points of the month. However, PEPE still needs to climb higher to get back to where it was before. It’s still below some important prices on the chart that show whether it’s doing well or not.
Conclusion: Can PEPE Keep Getting Better?
Right now, it’s good news that big buyers are interested in PEPE, but it’s not enough yet. The whole market needs to start believing in PEPE more for its price to keep going up. Everyone is watching to see if these big moves by the whales will really help PEPE or if it’s just a temporary thing.
