PEPE Whales Go On Massive 720B Shopping Spree Amid Campaign For New ATHs, Is It Time To Get In?

Pepe (PEPE) Surges to ATH, Attracting Whales but Caution Advised

Pepe (PEPE) has recently made headlines, reaching a new all-time high (ATH) this week. The meme coin has also garnered attention from crypto whales, who have accumulated significant amounts of the token.

Whales Accumulate PEPE Tokens

On-chain analytics platform Lookonchain reported that a whale purchased 520 billion PEPE from Binance. However, the trader's past investment decisions suggest that this move may have been driven by fear of missing out (FOMO).

Another whale reportedly acquired over 200 billion PEPE tokens through Cumberland. While their intentions remain unknown, whale accumulation typically indicates bullish sentiment for a coin.

Caution Advised Despite Bullish Outlook

However, data from IntoTheBlock suggests that a price correction may be imminent for PEPE. With 100% of holders in profit, many are expected to sell, potentially triggering a wave of sell-offs that could negatively impact the price.

Remaining Bullish Momentum

Crypto analyst Rachid Crypto highlights several factors that suggest PEPE has yet to reach its peak. The "mega meme cycle" and altcoin season are yet to begin, which could ignite a further rally.

Additionally, PEPE's listing on major platforms like Coinbase and Robinhood could attract significant liquidity and boost its price. Its correlation with Ethereum's price also suggests that PEPE could benefit from a potential ETH rally.

Current Market Conditions

At the time of writing, PEPE is trading at around $0.00001056, down over 5% in the last 24 hours, according to CoinMarketCap.