PEPE Coin Witnesses Surge and Whale Interest
The meme coin PEPE has experienced a significant surge of 50%, catching the attention of a whale who spent a large amount of ETH to acquire the coin. This surge followed a token burn process initiated due to the theft of PEPE tokens by rogue developers.
Whale Interest In PEPE
PEPE is a frog-based meme coin and currently ranks as the 83rd largest cryptocurrency. It has a market capitalization of over $450 million, making it the third-largest meme coin after Dogecoin (DOGE) and Shiba Inu (SHIB). A whale recently purchased 996 billion PEPE tokens, spending 617 ETH (approximately $1.11 million). The same whale has also made significant investments in other major cryptocurrencies.
However, on-chain data revealed that the whale suffered losses of around 465 ETH ($1.3 million) on Arbitrum. Fortunately, they managed to recover some of their losses through a profitable Maker (MKR) trade, earning $423,000.
New Team Of Advisors
The PEPE team announced that they have onboarded a new team of advisors to provide guidance for the token’s future. Additionally, they are exploring strategic partnerships and marketing opportunities to further enhance PEPE’s growth.
“A new team of advisors has been brought on to guide Pepe forward. Uses for the remaining 3.79T tokens attributed to the original team CEX multi-sig wallet for strategic partnerships and marketing opportunities are currently being explored. We look forward to updating the $PEPE community to any future burns, movements, or uses of these tokens.”
Risks And Challenges Associated With Meme Coins
Meme coins, including PEPE, are part of the exciting but highly volatile crypto space. Investing in meme coins carries significant risks, as they can be extremely volatile. It is important to only invest money that you are willing to potentially lose. Furthermore, new meme tokens face challenges in achieving the same success as established meme coins like Dogecoin and Shiba Inu.
PEPE Coin Price Analysis
The current trading price of PEPE is $0.00000113, showing a notable increase throughout the day. After initially dropping to $0.00000107, the price experienced an upward trend and reached its current level, indicating a 5.37% increase. Technical indicators suggest a strong “buy” sentiment, which could contribute to further price increases.
However, there is a possibility that PEPE may drop below the support level of 0.00000102 and decline to around $0.00000084 in the coming days. On the other hand, if the token remains above $0.00000102, the bearish prediction may be invalidated, potentially leading to an attempt to surpass the $0.00000115 level and rise as high as $0.00000128.
Hot Take: PEPE Coin Surges Amidst Token Burn and Whale Interest
The recent surge in PEPE’s price following a token burn process has attracted the attention of a whale who invested heavily in acquiring PEPE tokens. With a new team of advisors on board and plans for strategic partnerships and marketing opportunities, PEPE aims to further strengthen its position in the meme coin market. However, it’s essential to note that meme coins carry significant risks due to their volatility, making them one of the riskiest investments in crypto. As PEPE continues its price journey with potential ups and downs, investors should carefully consider the associated risks before making any investment decisions.
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