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Pepe (PEPE), which made a relatively new entry into the memecoin world, initially gained popularity but struggled to survive in the months following its launch. However, recent data has shown a potential change in direction due to the interest of whales and changing sensitivity.
Pepe Coin and the Story of Whales
Significant increase in whale interest is evident from Lookonchain’s data. With a movement triggered by the increase in the value of PEPE, a significant investment of 1 million USDC acquired 807 billion PEPE tokens at a price of $0.000001239.
Whale interest in any cryptocurrency can have both positive and negative effects. Whale interest can lead to positive price movements in the short term, but it also makes investors sensitive to sudden whale behavior.
Evidence of a sudden PEPE sale was demonstrated by the behavior of a whale on August 7th. According to recent data, the whale liquidated a significant amount of 2.26 trillion PEPE at an average price of $0.000001121. This maneuver resulted in a significant loss of $707,000. These opposing movements that occurred in a short period of time can affect retail investors in the long run.
Is Pepe on Everyone’s Lips?
Social perception plays a crucial role in the meme coin sector. Pepe’s journey was no different and benefited from increased social interactions and mentions. Lunarcrush’s data revealed a 1.9% growth in social interactions and an impressive 28.25% increase in social mentions.
This increase in online conversations highlights the role of community participation in shaping memecoin trends. Weighted sentiment, another important indicator of market sensitivity, has also been on the rise recently.
This shift indicated a higher degree of positivity associated with PEPE in online discussions. Such changes in sentiment often serve as indicators of broader market movements and can pave the way for a potential revival of the token. At the time of writing, PEPE was trading at $0.000001246 and had shown a 12.82% increase in the past 24 hours.
The price increase coincided with an increase in the number of token holders, indicating growing interest among investors. This expansion in the user base can enhance the flexibility and future growth potential of the coin.
However, amidst these positive signals, concerns about network growth decline have arisen. The interaction of fewer new addresses with PEPE may indicate a decrease in interest among potential users. Taking a broader perspective, trader sentiment was also changing. According to Coinglass, short positions against PEPE decreased slightly from 54% to 50%.
