Amidst the decline in the value of many altcoins, the meme coin “Pepe” has seen...
PEPEUSD
There is increasing demand for it from some major speculators, known as “crypto whales.”
Trading data over the weekend showed massive purchases of the “PEPE” currency worth millions of dollars. Which indicates that these major speculators are betting on the return of this digital currency to the rise.
PEPE coin witnessed a 20% decline in its value over the past week. However, this decline did not discourage crypto whales from investing in it. On the contrary, they followed the “buy on the dip” strategy, taking advantage of the drop in price to buy large quantities of the currency. Click here to obtain advertising services or press releases for the crypto project.
Exploit the pullback to buy back
One of the most prominent examples of this strategy is the venture capital firm Nascent's purchase of 447.67 billion units of Baby for $5.48 million. This made “Bibi” the largest digital currency in the company’s portfolio, and this indicates the company’s firm belief in the future of this currency.
Also, the “Lookonchain” platform for analyzing block chain data (Blockchain) revealed that another whale withdrew about 231.6 billion PEPE coins.#pepe $2.9 million from Kraken over the weekend.
It is worth noting that this whale has been collecting “PEPE” coins since March 16. A total of 750.34 billion units worth $8.34 million were withdrawn from Kraken during this period.
In another example, 303.4 billion units of “PEPE” worth $3.8 million were withdrawn from the “Binance” and “OKX” platforms to two private wallets.
Despite the decline that PEPE witnessed over the past week, these large investments by digital currency whales may be a sign of a possible recovery of the currency.
With the interest of large investors in Pepe increasing, we may soon see an influx of retail investors into this coin, driven by fear of missing out (FOMO).
It remains to be seen how these large investments will affect Baby's price in the coming days and weeks. Will it continue to attract more investors, or will it witness new fluctuations in light of the fluctuations in the cryptocurrency market?
Technical forecast for the price of PEPE coin
PEPE coin price chart
Beincrypto#Binance
PEPE coin price is testing the support level consisting of the 38.2% Fibonacci retracement level at $0.00001216. And an upward trend line is on the daily chart for the third day in a row.
It is noted that PEPE price respects Fibonacci levels well. Therefore, if the price declines further, these levels will provide strong support. Especially the level of 61.8 at $0.000009, which also constitutes an area of previous highs.
If these levels are also broken, then it will be a strong indication of the possibility of the end of the current bullish wave. I am waiting for stimuli to appear that I see as non-technical, and those that cannot be predicted.
