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The meme coin PEPE has registered a significant surge of 50%, attracting interest from a whale who spent a huge chunk of ETH to acquire the meme coin.
The recent surge witnessed by PEPE coin comes after a recent token burn process, which occurred when a few rogue developers began stealing PEPE tokens.
Whale Interest In PEPE
PEPE is a frog-based meme coin, currently the 83rd largest cryptocurrency. The token has a current market capitalization of just over $450 million and is the third-largest meme coin, behind only Dogecoin (DOGE) and Shiba Inu (SHIB). According to data sourced from LookOnChain, a whale spent 617 ETH, valued at around $1.11 million, to purchase 996 billion PEPE tokens over the past couple of days. The whale in question has also spent a considerable amount on other major cryptocurrencies as well over the past few days.
On-chain data showed that the whale lost around 465 ETH, valued at around $1.3 million, on Arbitrum. However, the whale recovered some of the losses with a Maker (MKR) trade, which resulted in a profit of $423,000.
The PEPE token has seen a surge of over 50%. The surge occurred in the middle of a token burn, which saw developers burn $5.5 million worth of PEPE tokens, which account for $6.9 trillion tokens. The burn lowered the developer team’s PEPE token holdings to 3.79 trillion tokens worth around $3.72 million. This would have minimal impact if these are sold in the open market. This is because the open-market trading volume for PEPE is nearly $400 million.
New Team Of Advisors
The PEPE team also announced that it was onboarding a new team of advisors to help guide the token forward. The team is also exploring strategic partnerships and marketing opportunities.
“A new team of advisors has been brought on to guide Pepe forward. Uses for the remaining 3.79T tokens attributed to the original team CEX multi-sig wallet for strategic partnerships and marketing opportunities are currently being explored. We look forward to updating the $PEPE community to any future burns, movements, or uses of these tokens.”
Risks And Challenges Associated With Meme Coins
Meme coins are an exciting niche of the larger crypto space. However, they also have considerable risks associated with them. Most meme coins, even the most prominent ones, are highly volatile, making them one of the riskiest investments in crypto. Always purchase meme tokens with money that you are prepared to potentially lose. New meme tokens have their risks as well and face several challenges that could prevent them from reaching the success of established meme coins such as Dogecoin and Shiba Inu.
PEPE Coin Price Analysis
The PEPE token is currently trading at a price of $0.00000113. As you can see from the chart, PEPE has seen a considerable increase over the course of the day. The token price had initially dropped to $0.00000107 before embarking on a price increase and moving to its current price. This increase represents an increase of 5.37%, and we could see this price increase continue as technical indicators point to a strong “buy” sentiment.
PEPE was initially at the 0.00000102 support level and could drop below this level. Should it do so, it could decline as low as $0.00000084 in the next few days. While bearish indicators suggest the PEPE price could drop, if the token stays above $0.00000102, we could see the bearish prediction invalidated. Instead, we could see the price attempt to overcome the $0.00000115 level before rising to as much as $0.00000128.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.