- According to Lookonchain’s tweet, a whale bought massive amounts of PEPE.
- Network activity increased during the peak and the MVRV ratio improved.
Pepe [PEPE] stunned investors with its latest bull rally as the price skyrocketed in the past 24 hours. The uptrend allowed the memecoin to regain a significant portion of the market cap it lost during the bear market.
Realistic or not, here it is PEPE’s market cap in BTC conditions
An increase in buying pressure on PEPE was also observed. If things go in the same direction, PEPE’s market cap could hit the $1 billion mark again.
PEPE delivers a commendable performance
According to CoinMarketCap, the price of PEPE is up almost 40% in the last 24 hours. At the time of writing, it was valued at $0.000001507 with a market cap of over $590 million.
The latest rally helped the memecoin climb up the list of top cryptos as its ranking improved to 66. The good news was that, besides price, PEPEThe company’s trading volume is also up more than 200% in the past 24 hours. This legitimized the upward trend.
Not only that, but Lookonchain’s latest tweet revealed that the memecoin was also under buying pressure. According to the tweet, a whale spent 4.54 million USDC and 150 ETH worth $287,000 to buy 3.43 trillion PEPE.
Whale”0x31f5″ spent 4.54 million $USDC and 150 $ETH ($287K) to buy 3.43T $PEPE at $0.000001406 in the last 8 hours.
The whale earned ~$11.47 million $PEPE for the first time and lost ~$741K $PEPE for the second time. pic.twitter.com/SeS8P7jaQ3
— Lookonchain (@lookonchain) June 22, 2023
A similar trend of increasing accumulation was also seen on Santiment’s map. The data showed that the supply of the token on exchanges declined sharply, while the supply increased off-exchanges, reflecting the willingness of investors to buy the memecoin.
The accumulation trend was further evidenced by the increase in the total number holders of the past few days. Thanks to the upward trend, positive sentiment around the currency also increased, which was encouraging.
Source: Sentiment
Network statistics have also been improved
During the price increase, Pepe’s daily active addresses increased significantly. The same trend continued for network growth, indicating more activity on the blockchain. The MVRV ratio also moved up, which is generally a bullish signal.
Source: Sentiment
How many Worth 1,10,100 PEPEs today
Will PEPE’s Uptrend Continue?
PEPEThe 4-hour chart was ambiguous as a few metrics were bullish while the rest suggested otherwise. For example, the MACD showed a clear bullish advantage in the market. In addition, the Bollinger Bands revealed that the memecoin’s price was in a high-volatility zone, increasing the likelihood of a sustained uptrend.
Although the Relative Strength Index was high, it registered a slight decline, which may initiate a trend reversal. In addition, the Chaikin Money Flow also took a sideways path.
Source: TradingView