PEPE Meme Coin: Consolidating To Gain Upward Momentum
PEPE Meme Coin’s Position Amid Market Uncertainty
Pepe (PEPE) is the third-largest crypto meme coin of the world at present. The market is appearing to be struggling with major assets like Solana, Ethereum, Bitcoin and PEPE all aligning with the overall market uncertainty.
PEPE Whale Bought 1.42T PEPE Tokens
Meanwhile, the PEPE coin has captured some solid attention of several traders and whales, showing their interest and confidence in the token. This is evident from the news where a crypto whale repurchased 1.42 trillion PEPE, amounting to $24.5 million, despite the market dip. S/he had earlier sold all his PEPE holdings and earned a profit amounting to $211.7 million.
Similar to other top crypto coins, PEPE token is also experiencing struggle. However, some scenarios show how investors and traders still carry positive sentiments for one of the top cryptos.
Significant PEPE Outflow
Talking about the struggles, PEPE spot inflow/outflow is showing that the exchanges are witnessing a significant outflow of PEPE worth $40.86 million emphasizing on the withdrawal of tokens from exchanges by long-term holders.
One may note that outflow refers to an on-chain metric that indicates withdrawals from exchanges by long-term holders, often signalling increased buying pressure and potential upside momentum.
Bottom Line
PEPE has been firmly maintaining its price range in recent days and a breakout is required to propel. Otherwise, it may also fail to gain upward momentum.
The PEPE meme coin, one among the top cryptocurrencies, is still garnering some market attention despite having difficult times. However, the bullish thesis will only hold if it succeeds in doing better in the coming time.
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