Almost 2 trillion PEP bought by diamond hands: price impact
A trader who previously made an 886% return by buying PEPE is now buying MemCoin again. This trader bought 170 billion tokens in early October 2023.
They got $1.77 million when they sold their holdings in July. The question now is whether this latest stock can produce similar results.
Pepe's big players reinvested in meme coin
Earlier today, Etherscan data showed that one market participant spent $1.34 million to buy 173 billion PEPE tokens. Such large purchases often indicate the possibility of price increases.
Historically, PEPE's price tends to increase following such a large purchase. However, this is not the only major purchase that Mem Coin has seen in the past 24 hours.
According to Lookonchain, a wallet linked to crypto asset investment management firm Sefu bought 1.48 trillion PEPE tokens for $11.6 million. This brings the total number of tokens accumulated in one day to nearly 2 trillion.
Read more: How to buy PEPE and everything you need to know
Additionally, Pepe's price-adjusted Daily Active Addresses (DAA) measure seems to support the idea that a significant price increase is on the way. The DAA measures how frequently users engage with a cryptocurrency.
An increase in DAA is generally seen as a bullish sign of user engagement, while a decrease indicates reduced engagement, which can be frustrating. When analyzed alongside price movements, DAA provides insights into whether it is a good time to buy or sell.
If the price of a cryptocurrency increases when user engagement decreases, this typically indicates that it is time to sell. However, the price of Pepe has decreased by 32.94% in the last 30 days. The recent rise in its DAA suggests that the meme coin may be going down and now is the time to buy at discounted prices.
PEPE Price Prediction: Race to return to $0.000012 begins
PEPE price is currently at $0.0000078. However, according to the daily chart, when a new month approaches, the token can trade higher. The picture below shows the operation of the fallen wedge.
A falling wedge is a spark that appears when a cryptocurrency's price loses its hold on a high. At the same time, buyers invest in the low trend and when the price starts to rise slowly.
To confirm this prediction, PEPE bulls need to defend the support at $0.0000071. In addition to that, there is a high level of resistance to continue breaking MemCoin at $0.0000095.
Read more: PEPE Price Prediction 2024/2025/2030
If successful, the value of PEPE could increase dramatically, potentially reaching $0.000012. However, failure of the token to break above the resistance may invalidate this bullish entry. If this happens, MemCoin could form a new low of $0.0000067.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
