The trader made an over 400-fold return on his initial investment, which was worth a little over $2,600.
Open Interest refers to the total amount of pending derivative contracts that have not yet been settled. In a futures contract, for every seller, a buyer is required to settle the contract.
Pepe (PEPE) has recently grabbed the headlines, having hit a new all-time high (ATH) this week. The meme coin has also drawn the attention of crypto whales who have accumulated the crypto token lately. Whales accumulating the meme coin will suggest that now might be a good time to buy PEPE, but that might not be the case. Crypto Whales Buy 720 Billion PEPE Tokens On-chain analytics platform Lookonchain recently drew the crypto community’s attention to a whale who purchased 520 billion PEPE from the crypto exchange Binance. This move might, however, have been motivated by the fear of missing out (FOMO), as Lookonchain noted that this trader hasn’t always made the smartest investment moves, having lost $6.1 million so far. Related Reading: Bitcoin Long-Term Holders Buy The Blood, Snatch Up 70,000 BTC Meanwhile, on-chain data shows another whale who bought over 200 billion PEPE tokens through the trading firm Cumberland. Irrespective of their intention, crypto whales accumulating a crypto token usually paints a bullish outlook for the coin in question. Based on this, crypto investors will usually assume that this is an excellent time to buy the meme coin in expectation of further price surges. However, this might not be a good time to buy, as data from IntoTheBlock suggests that a price dump may be imminent for PEPE before it makes another move to the upside. The market intelligence platform revealed that 100% of PEPE holders were in profit thanks to the meme coin hitting a new ATH. Given such development, many of these holders are expected to book profits from their PEPE investment, leading to a wave of sell-offs that could negatively impact the meme coin’s price. Therefore, those looking to invest in PEPE right now may be better off waiting for PEPE to bottom out from this selling pressure before purchasing the meme coin. Still Has Enough Bullish Momentum To Go Crypto analyst and trader Rachid Crypto recently highlighted several factors that suggest that PEPE has yet to reach its peak. The analyst noted that the “mega meme cycle” and altcoin season are yet to begin. These are events that could still spark a further rally in the meme coin’s price. Related Reading: How High Can The XRP Price Go? Crypto Analyst Unveils 6-Month Prediction Furthermore, PEPE is yet to be listed on major crypto trading platforms like Coinbase and Robinhood. That means there is still a lot of liquidity that could flow into the meme coin’s ecosystem. PEPE’s price will likely enjoy an upward trend whenever these trading platforms decide to list the meme coin. Meanwhile, Rachid Crypto also stated that Ethereum will surpass its ATH, meaning that PEPE’s price will benefit from ETH’s run when this happens. PEPE’s price is known to have some correlation with Ethereum’s and will most likely enjoy a significant rally as Ethereum’s price picks up. At the time of writing, PEPE is trading at around $0.00001056, down over 5% in the last 24 hours, according to data from CoinMarketCap. Chart from Tradingview.com
Tales of crypto investors turning a few dollars into millions are not new, but one particular PEPE investor has taken this a step further. This crypto trader was able to turn a $3,000 investment into $46.3 million in the space of a year. Here’s how they did it. $3,000 In PEPE Turns Into $46.3 Million […]
But there's another explanation: A recently approved DAO proposal authorized the burning of $3.3 million worth of FLOKI tokens.
The last 24 hours has been a perfect storm for Pepe: Roaring Kitty has returned, causing a meme rally, and Coinbase listing rumors.
Bitcoin price looks stuck in the near term, but TON, RNDR, PEPE and AR could surprise traders by making a strong upside move.
Despite the current downturn of the crypto market, PEPE coin has been one of the tokens that is still holding strong as its price is still trading above the 100-day Simple Moving Average (SMA) and the trendline. The token whose total liquidity is valued at over $38 million and a 24-hour trading volume of over […]
The once-booming meme coin Pepe (PEPE) has hit a rough patch, experiencing a price drop of nearly 10% in the past 24 hours. This sudden downturn comes amidst a flurry of questions surrounding massive token withdrawals from a major exchange and the overall future of the meme-inspired cryptocurrency. Related Reading: Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price? PEPE Price Takes A Tumble Just a few months ago, PEPE was riding high, capturing the attention of crypto enthusiasts with its rapid price surges. However, the tides seem to have turned. The recent price drop has cast a shadow of uncertainty over the meme coin’s future trajectory. While some might attribute the dip to a typical correction in the volatile cryptocurrency market, recent on-chain data paints a more intriguing picture. Whale Movements Spark FUD According to Etherscan, a blockchain analytics platform, a massive withdrawal of nearly 1 trillion PEPE tokens, valued at almost $8 million, occurred two days ago. The origin of the transfer remains shrouded in mystery, with a high-security Gnosis Safe Proxy wallet facilitating the movement. Source: Etherscan This wasn’t an isolated event either. Data reveals another withdrawal of 322.48 billion PEPE tokens, worth around $2.7 million, from the same shadowy address just a day prior. The timing of these hefty transactions couldn’t be more perplexing. They coincided with an unexpected 17% surge in PEPE’s price, leading to speculation and fear, or FUD, within the cryptocurrency community. Theories range from market manipulation tactics to the possibility of unforeseen regulatory crackdowns, causing jitters among investors. Total crypto market cap currently at $2.2 trillion. Chart: TradingView Community Sentiment: Bullish Despite The Wobble Interestingly, despite the price drop and surrounding uncertainty, CoinGecko data indicates that the PEPE community remains largely bullish. This unwavering optimism is further bolstered by the influx of 703 new PEPE holders in the past day. PEPE price action in the last 24 hours. Source: CoinMarketCap Prominent cryptocurrency figures like renowned analyst David Gokhshtein, who thinks PEPE will continue to be Dogecoin’s major rival in the imminent bull market anticipated later this year, are fanning the bullish flames. I think you’ll see a crazy battle between $PEPE & $DOGE this meme season. — David Gokhshtein (@davidgokhshtein) May 6, 2024 Related Reading: Breaking Free: Analyst Eyes $1.68 Breakout For XRP After Years In The Shadows Investing In PEPE: Proceed With Caution Meanwhile, as the community sentiment leans towards optimism, and some experts see significant growth potential, the recent price drop and the enigma surrounding the large token withdrawals highlight the inherent volatility of the cryptocurrency market. Featured image from KnowYourMeme, chart from TradingView
Kaiko's analysis reveals meme coins like Pepe (PEPE) and Dogwifhat (WIF) lead in leverage use among altcoins traders.
The post Meme coins dominate altcoin leverage, Kaiko reports appeared first on Crypto Briefing.
Pepe (PEPE) has been one of the best-performing crypto assets since the beginning of the year, with a year-to-date (YTD) gain of over 400%. This crypto analyst predicts that PEPE can continue this impressive run and become the largest meme coin by market cap, ahead of Dogecoin and Shiba Inu. PEPE To Flip Dogecoin (DOGE) And […]
The crypto exchange's off-shore arm will open perpetuals market for the popular meme coin on April 18.
The world of memecoins continues to be a rollercoaster ride, and Pepe (PEPE) is no exception. Recent on-chain data reveals a surge in tokens moving out of exchanges, potentially signaling a bullish sentiment among investors. However, conflicting indicators cast a shadow of doubt on the sustainability of this upward trend. Related Reading: Solana Primed For Takeoff? Expert Analysis Points To Buying Opportunity Pepe Soars Out Of Exchanges, Suggesting Investor Confidence A significant development for PEPE is the movement of a large number of tokens away from exchanges. According to Santiment, a blockchain analytics platform, the supply of PEPE outside exchanges reached a staggering 243 trillion on April 7th. This sharp rise compared to March 12th indicates a potential decrease in selling pressure. Source: Santiment Price Recovery, Rising Volume Hint At Potential Upswing Further bolstering the bullish case for PEPE is the recent price increase. Over the last 24 hours, the memecoin has experienced a nearly 10% surge, suggesting a potential recovery from a recent slump. In addition to the observed price fluctuations and projected price range for Pepe, it’s worth noting the significant increase in trading volume surrounding the cryptocurrency. This surge in trading activity not only reflects a heightened level of engagement within the Pepe community but also suggests growing interest from external investors and traders. Bitcoin is now trading at $71.879. Chart: TradingView The uptick in trading volume serves as a key indicator of market sentiment and could potentially serve as a catalyst for further price gains. Historically, increased trading activity has been associated with periods of price appreciation, as it signals a greater level of market participation and liquidity. In turn, this heightened liquidity can attract new buyers to the market, further bolstering demand and potentially driving prices higher. Investor Sentiment Tells A Different Narrative However, not all signs point towards a clear path to success for PEPE. While the token movements suggest some bullishness, a crucial metric paints a contrasting picture. The Weighted Sentiment, which reflects investor sentiment towards PEPE, has recently declined. Related Reading: Bitcoin Dips, But Don’t Panic: ETFs See Three Days Of Bullish Inflow This could indicate a weakening of investor confidence and potentially foreshadow a decrease in demand for the memecoin. If this metric continues to fall, it could invalidate the current bullish bias surrounding PEPE, making a significant price hike less likely. Quick Technical Overview On a brighter note, PEPE shows strong bullish momentum with a 74/26 split favoring positive sentiment. This aligns with the recent price increase and suggests continued investor optimism. However, it’s crucial to monitor social media chatter and news articles for any potential shifts in sentiment that could impact price movement. While the current outlook is positive, remaining vigilant is key in this volatile market. Source: Changelly PEPE Price Prediction Meanwhile, amidst the volatility of the cryptocurrency market, Pepe’s price fluctuations have captured the attention of crypto experts, prompting projections for its trajectory in April 2024. Analyses indicate an anticipated average PEPE rate of $0.0000140 during this period, reflecting both the potential for growth and the inherent uncertainty within the market. While these projections offer insights into the expected average price, it’s essential to acknowledge the range of possibilities. Experts suggest that Pepe’s minimum and maximum prices in April 2024 could vary significantly, with estimates ranging from 0.00000745 to 0.00000745. Featured image from Pexels, chart from TradingView
These meme coins and tokens are still flying, unshaken by the latest inflation data.
Meme coin Floki Inu (FLOKI) has reached the meme-friendly 69th place on CoinGecko's ranking of largest assets by market cap.
Pepe token price has risen nearly 400% in the past week and its market cap has doubled in the past two days.
Guess which meme coin just got an unexpected boost from LA Lakers' LeBron James.