Recently, the meme token Pepe (PEPE) has gained popularity in the cryptocurrency markets, with a large portion of investors being satisfied with its short history. The indecisive price volatility that can create or break a portfolio has caught the attention of many cryptocurrency observers.
Gains in the Rise of PEPE!
According to the data obtained, the value of the meme token increased by more than 12% on September 28. This rise may have led the bulls to pursue greater gains. However, unfortunately, this did not happen. The next day, on September 29, PEPE dropped by more than 3%. This was a true reflection of the volatile meme token’s unpredictable behavior, although it was attributed to investors chasing profits.
As the third largest meme token by market value, PEPE has been experiencing continuous trading activity in recent days. The market movements of a specific address have attracted significant attention. According to the analytics company Lookonchain, investors regularly buy and sell PEPE tokens to maximize their profits. The address that made a significant profit of $2.34 million from previous transactions purchased PEPE worth $645,000 in the transaction on September 29. It is also noted that investors are optimistic about PEPE’s short-term expectations.
Santiment’s Report on PEPE!
However, this was not limited to just one wallet. According to data from Santiment, whales have made new additions to their accumulations, as indicated by the sudden increase in the supply of top-level addresses. Additionally, the supply on exchanges has significantly decreased throughout the week. This suggests the beginning of a broader market accumulation and the potential for further growth in PEPE after testing support levels.
On the other hand, the social excitement surrounding PEPE peaked a week ago and has since declined, despite the steady increase in the token’s value. Furthermore, the negative sentiment prevailing as of September 29 may indicate that investors have a pessimistic outlook. PEPE can be considered different from many other meme tokens dominating the market. After its launch, the cryptocurrency surged by 10 times within a few days, attracting significant interest from investors.
