PEPE is garnering attention from major investors as the buzz surrounding the meme coin continues to grow. However, despite the increasing interest, these tokens are grappling with a persistently bearish sentiment, as their price performance remains lackluster.
In an interesting turn of events, a significant number of investors are beginning to cast their gaze upon PEPE. Lookonchain’s latest report reveals a notable occurrence – a user invested 27 ETH, equivalent to $45,000, to secure a staggering 50 billion of the frog-themed token.
More astonishingly, this same investor managed to acquire a jaw-dropping 5.9 trillion PEPE tokens for a mere 0.125 ETH, roughly valued at $251.
This strategic move was followed by the sale of 3.95 trillion PEPE tokens, resulting in an impressive haul of 2,505 ETH, equivalent to $4.7 million.
Surge In PEPE Interest Amid Mixed Sentiment
Despite the glaring positivity in terms of investor activity, the overall sentiment surrounding PEPE tokens remains less than stellar. Lookonchain’s data cited in a price report indicates that social mentions related to the meme coin witnessed a solid 151.3% surge.
Likewise, social engagements related to the coin also experienced a substantial uptick of 106.9% during the same period. This surge in interest could potentially pave the way for a more dynamic price movement for PEPE tokens in the future.
However, the buoyancy in social media activity was not mirrored in sentiment. Santiment, a prominent on-chain analytics firm, utilized a weighted sentiment indicator to gauge the general outlook of PEPE across various social media platforms.
This indicator painted a predominantly negative picture of the meme coin’s sentiment landscape, casting a shadow over the excitement surrounding the token.
PEPEUSDT trading at $0.0000054 on the daily chart: TradingView.com
Price Volatility On The Horizon
Santiment’s analysis also spotlighted a pivotal moment in PEPE’s journey – the transfer of a substantial 16 trillion Pepe tokens by the developers for sale on exchanges.
This move thrusts Pepecoin into the spotlight as the top trending crypto topic. However, Santiment’s cautionary note echoes concerns about heightened price volatility that may lie ahead for PEPE tokens, further complicating their price trajectory.
Meanwhile, PEPE is trading at a current price of $0.000000839460, with a 3.6% decline in the last 24 hours and a significant seven-day slump of 21.0%, as reported by CoinGecko.
???? If you are riding the wave of #memecoins during these uncertain market conditions, #Pepecoin has quickly become the top trending #crypto topic this weekend. Former team members are accused of removing $16M. Expect even more high volatility than usual. https://t.co/iQLD7h224s pic.twitter.com/UOR4sTcWwv
— Santiment (@santimentfeed) August 27, 2023
As PEPE continues to captivate larger investors and experience a surge in social media interest, the prevailing negative sentiment and ongoing price struggles underscore the challenges facing this unique cryptocurrency.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Coin Edition
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Author: Christian Encila