- As per Lookonchain’s tweet, a whale bought huge amounts of PEPE.
- Network activity increased during the surge, and the MVRV Ratio improved.
Pepe [PEPE] has astounded investors with its latest bull rally as its price skyrocketed in the last 24 hours. Thanks to the uptrend, the memecoin was able to recover a substantial amount of market capitalization, which it lost during the bear market.
An increase in buying pressure on PEPE was also observed. If things move in the same direction, PEPE’s market cap might touch $1 billion again.
PEPE gives a laudable performance
According to CoinMarketCap, PEPE’s price increased by nearly 40% in the last 24 hours. At press time, it was valued at $0.000001507 with a market capitalization of over $590 million.
The latest rally helped the memecoin to climb up the list of the top cryptos, as its rank improved to 66. The good news was that along with the price, PEPE’s trading volume also surged by more than 200% in the last 24 hours. This legitimized the uptrend.
Not only that, but Lookonchain’s latest tweet revealed that the memecoin was also under buying pressure. As per the tweet, a whale spent 4.54 million USDC and 150 ETH worth $287,000 to buy 3.43 trillion PEPE.
Whale"0x31f5" spent 4.54M $USDC and 150 $ETH ($287K) to buy 3.43T $PEPE at $0.000001406 in the past 8 hours.— Lookonchain (@lookonchain) June 22, 2023
The whale made ~$11.47M on $PEPE for the first time and lost ~$741K on $PEPE for the second time. pic.twitter.com/SeS8P7jaQ3
A similar trend of increasing accumulation was also seen on Santiment’s chart. The data showed that the token’s supply on exchanges declined sharply while its supply outside of exchanges increased, reflecting investors’ willingness to buy the memecoin.
The accumulation trend was further proven by the increase in the total number of holders in the last few days. Thanks to the uptrend, positive sentiment around the coin also spiked, which was encouraging.
Network stats also improved
During the price surge, Pepe’s daily active addresses increased substantially. The same trend remained true for its network growth, suggesting more activity on the blockchain. Its MVRV Ratio also went up, which by and large is a bullish signal.
PEPE’s 4-hour chart was ambiguous, as a few metrics were bullish while the rest suggested otherwise. For example, its MACD displayed a clear bullish advantage in the market. On top of that, the Bollinger Bands revealed that the memecoin’s price was in a high volatility zone, increasing the chances of a continued uptrend.
Though the Relative Strength Index was high, it registered a slight downtick, which can initiate a trend reversal. Additionally, the Chaikin Money Flow also took a sideways path.