It’s been a rough few days for Pepe in the crypto world. The cryptocurrency has seen a staggering decline of 56% in just five short days , taking a billion-dollar hit to its once-impressive market cap. Some of the whales in the crypto space are still interested in purchasing Pepe, even at its current subdued price levels. Have you already got yourself some green-froggy crypto?
Who Are the Crypto Whales
The largest whale is the creator of Bitcoin Satoshi Nakamoto, who supposedly owns 1 million coins, which is almost 6% of the current cryptocurrency issue. This has no official evidence, which only adds emotion and a pinch of suspense to the future prospects.
Whales affected the fall of the market on February 20. Then, in a very short time, BTC fell in price by $500 – from $10,100 to $9,600. In the following days, the market tried to regain its position, but another collapse began simultaneously with the stock market. On March 8 and
Data provided by CryptoQuant, a blockchain analysis firm, shows that the flow of funds to large exchanges or deposits began to grow at a higher rate on March 8. One possible reason is the coordinated action of the whales, which initiated the massive sale of the asset.
In March 2020, the cryptocurrency market doubled after the stock market and lost $60 billion in capitalization. In addition to the coronavirus pandemic and panic on traditional exchanges, manipulations of the cryptocurrency whales, the major holders of Bitcoin, are called among the reasons of collapse.
Whales affected the fall of the market on February 20. Then, in a very short time, BTC fell in price by $500 – from $10,100 to $9,600. In the following days, the market tried to regain its position, but another collapse began simultaneously with the stock market.
Should You Buy Pepe
As per Pepe’s website, it says the coin was launched “for the people” with “no formal team or road map” and is “completely useless and for entertainment purposes only”.
Despite this, Pepe coin is the fastest-growing cryptocurrency hosted on Ethereum, the second-largest blockchain, according to the data firm Messari.
Meanwhile, Binance says on its website that pepe has “no utility” or “value support mechanism”. It also warns users about pepe’s volatility and says the platform “will not be responsible for your trading losses.” Binance didn’t immediately respond to Reuters’ request for comment on Pepe’s leap.
What is Pepe Memecoin
Pepe (PEPE), a new cryptocurrency that takes its name from the famous internet meme, Pepe the Frog, has made a dramatic entrance into the crypto world since its launch in April 2023. Rapidly amassing a market capitalization of over $1.8 billion, Pepe (PEPE) has undoubtedly caught the attention of the market.
Yet, despite Pepe (PEPE)’s swift ascent and market popularity, certain aspects raise eyebrows. The creators of Pepe remain shrouded in mystery and the token doesn’t have a clear utility, both of which could pose risks for potential investors.
From a technical analysis standpoint, it appears that speculative Pepe buyers may be starting to liquidate their positions. Pepe is now trading at $0.00000166 after falling from a peak of $0.00000433 and finding solid support around the $0.0000010 level.
Advertising Disclaimer: We’re always looking for new ways to keep our content fresh and available without any cost to you. Every now and then we get some financial incentive from companies hoping that their products & services will be featured on the site, but don’t worry– money can’t buy love (or influence) here! We still call all the shots when it comes down to what ends up on the website.
General Disclaimer: Investing can be quite a wild ride – especially when you don’t know the terrain! To keep things from getting too rocky, take some time beforehand to get familiar with all of the risks involved. Our site is here to up your investor game by providing all available intel about platforms and trends, but we don’t take responsibility nor can we be held accountable as advisors. That being said, it’s still important for you to make educated decisions that match what works best for YOU – just remember: no amount of savvy will guarantee success or protect against loss so invest money you can spare.
+ for the post