PEPE whales continue to buy 720B frenzy at historic highs, is it time to get started?

PEPE recently made headlines and reached an all-time high (ATH) this week. Meme coins have also caught the attention of crypto whales, who have been accumulating encrypted tokens lately. The accumulation of meme coins by whales may indicate that now is a good time to buy PEPE, but the situation may not be as straightforward.

The on-chain analysis platform has recently caught the attention of the crypto community as a whale purchased 520 billion PEPE tokens from the cryptocurrency exchange. However, this action may be driven by the fear of missing out (FOMO) as on-chain data indicates that the trader has not always made the wisest investment decisions, resulting in a loss of 6.1 million USD.

Meanwhile, on-chain data shows that another whale has purchased over 200 billion PEPE tokens through a trading company. Regardless of their intentions, crypto whales who accumulate crypto assets usually depict a bullish outlook for the associated tokens. Based on this, crypto investors often consider it an excellent opportunity to buy memecoins as the price is expected to skyrocket further.

However, this may not be a good time to buy, as data suggests that the price may be about to fall before PEPE rises again. Market intelligence platform shows that 100% of PEPE holders have realized profits as meme coins hit new ATH.

Given this development, it is expected that many holders will profit from PEPE investments, triggering a wave of selling that may have a negative impact on the price of meme coins. Therefore, those who are interested in investing in PEPE are advised to wait for PEPE to bottom out from the selling pressure before purchasing meme tokens.

Cryptocurrency analyst and trader Rachid Crypto recently emphasized several factors that indicate PEPE has not yet reached its peak. The analyst pointed out that the "giant meme cycle" and the altcoin season have not yet begun. These events could still trigger further price increases for memecoins.

There is still a large amount of liquidity that can flow into the memecoin ecosystem. Whenever these trading platforms decide to list meme coins, the price of PEPE may trend upwards. At the same time, Rachid Crypto also suggests that Ethereum will surpass its all-time high (ATH), which means that when this happens, the price of PEPE will benefit from the performance of ETH. It is well known that the price of PEPE has a certain correlation with the price of Ethereum, and as the price of Ethereum rises, PEPE is likely to increase significantly.

According to the data, the trading price of PEPE is about $0.00001056, which has dropped more than 5% in the past 24 hours.

(DataSource: Scott Matherson)