Pepecoin (PEPE), which was launched in the middle of last April and has become the focus of attention of whales and investors since its release, was also listed by the world's largest crypto exchange Binance.
Peaking on May 5, the day it was listed on the Binance exchange, PEPE rose by nearly 1,200%.
Evaluating the rise of PEPE, Santiment said whales were selling the peak.
Stating that he experienced a sharp decline like the rise of PEPE, which fell with Bitcoin, Santiment stated that the whales bought the fall, that is, their purchases from the bottom did not bring an increase to PEPE.
Stating that PEPE fell 67% from the peak, Santiment wrote:
“The rise of PEPE, which peaked on May 5, was flawless and its price increased by about 1,200%.
PEPE is still on the agenda as traders try to time their bottom purchases to bring the asset's market value back into the spotlight.
But so far whales' bottom-buying efforts have not been very effective. Once again, we've had big whales sell to the top while small investors continue to hold PEPEs.
We saw PEPE drop about 67% from its May 5 peak."
Examining whether PEPE will continue to rise, Santiment said that there are signs of bullishness in PEPE, but it will not be as enthusiastic as its initial rise.
In reaching this conclusion, he examined PEPE's social dominance, transaction volume and number of addresses holding PEPE.
Stating that social dominance has decreased since its ATH, but is still at a high level compared to the top 100 cryptocurrencies, Santiment said that this is a bullish sign.
Secondly, stating that the addresses holding PEPE decreased significantly after the sale of the peak in PEPE, Santiment said that he believed the price would increase as soon as the addresses started to buy more PEPE.
Finally, Santiment, looking at the PEPE transaction volume, stated that it started to increase in the last 24 hours and wrote that this situation can be interpreted as an increase signal.
🐸 Whether #memecoins are your thing, it's been hard to ignore the +1,200% price ascension of #Pepecoin and its ensuing -67% since. Whale behavior & on-chain activity is vital for anticipating if and when another pump happens. Read our $PEPE deep dive. 👇https://t.co/xFPp3EhdCk pic.twitter.com/bxdls5MZys
— Santiment (@santimentfeed) May 12, 2023
*Not investment advice.
