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Pepe's (CRYPTO: PEPE) significant price decline has traders speculating about whether it is a long-term buying opportunity in disguise.
What Happened: Prominent crypto trader CrediBULL Crypto highlighted that Pepe is holding up quite well through the volatile crypto markets. He predicted another leg up taking untapped liquidity before a larger move downwards.
Altcoin Sherpa predicts Pepe to head lower based on technical analysis.
Another crypto trader noted that Pepe is entering a buy zone and suggested a position based on the assumption of imminent interest rate cuts. AltCryptoGems highlighted that Pepe's level is a good area to consider a long based on "proper reversal pattern on a low timeframe."
Also Read: Dogecoin, Shiba Inu, Pepe Will Still Have Supercycle But ‘2021 May Never Happen Again,’ Muses Trader
Why It Matters: IntoTheBlock data shows a 40.9% decrease in large transaction volume and a 4.3% drop in daily active addresses. Despite the recent price falls, around 74% of Pepe holders are currently making a profit, while 10% are at breakeven.
Lookonchain data revealed a whale who deposited 400 billion PEPE, worth $4.2 million, to Binance to reap profits a few hours ago. This whale withdrew 795.92 billion PEPE, then worth $2.55 million, from Binance on March 1. Currently, the whale has 395.93 billion PEPE, worth $4.18 million left making a total profit of $5.9 million based on 230% ROI.
Based on Coingecko data, Pepe is leading among the top three meme coins in weekly and monthly losses. In comparison to Dogecoin (CRYPTO: DOGE) and Shiba Inu's (CRYPTO: SHIB) weekly fall of around 2%, Pepe stands at an 8% loss. Based on monthly numbers, Pepe is down 9%, while Dogecoin and Shiba Inu are down 3% and 8%, respectively.
Pepe’s 24-hour trading volume of $876.9 million is the highest among meme coins.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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