A deep-pocketed crypto entity has been seen suddenly withdrawing more than a half trillion Pepe (PEPE) as the memecoin soars, on-chain data shows.
Blockchain tracking firm Lookonchain noticed that the crypto whale withdrew 592 billion PEPE from Binance, the world’s top crypto exchange, which was worth nearly $8 million at the time of the transaction.
“A whale withdrew 592 billion PEPE ($7.95 million) from Binance [on May 22nd], most likely bought during the price increase over the past two days.”
Pepe is trading for $0.0000137 at time of writing, up 11.5% in the past 24 hours and 108% in the last month.
Some analysts are suddenly turning bullish on Pepe, including pseudonymous crypto analyst Altcoin Sherpa.
“If you’re looking for a big cap meme to long, I think PEPE is a good one, good liquidity, strong volume. This one definitely catches up to the others a bit in my opinion – not saying it’ll flip Doge or anything, but should go up more relatively. Long in the green boxes.”
Looking at his chart, the analyst suggests Pepe could retest two trading ranges to the downside, including the range between $0.00001300 to $0.00001200 and $0.00001150 to $0.00001100, before rallying again.
However, another popular analyst DonAlt is warning that red-hot memes like Pepe could see a sudden collapse in value of more than 80% based on data from previous cycles.
“If I’m right, the popular memes we trade today will trade 80%+ lower. Then you’ll have new memes come up that build new communities that run up. And we’ll have the same discussions in a couple of years.”
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Featured Image: Midjourney