Pepe’s price finally drops, whales strike en masse
Pepe is taking a break and is down 16% in the past seven days. The currency could also cool down for a while after all the price violence of the past few months. Record after record was broken and it became increasingly difficult to convince yourself to get in.
The current decline gives investors a chance to take a breather, set new goals and buy Pepe at a lower price.
Whales are buying Pepe right now
Despite the declining Pepe coursewhales continue to have faith in the popular memecoin Pepe.
According to data from Lookonchain, whales bought as much as 447.67 billion Pepe, worth 5.5 million euros, in recent days. This was right after Pepe’s price dropped.
It’s important to note that it wasn’t just one whale that behaved this way. Santiment data shows that the group of holders from 10 to 10,000,000 Pepe has grown significantly.
This shows that there are a lot of investors buying Pepe in bulk. This increase in interest from whales can ensure a positive price development of the memecoin in the short term.
However, a high concentration of whales does entail the risk of centralization of Pepe holdings.
If the percentage of Pepe owned by whales becomes too high, normal investors like you and me will become more sensitive to the volatile price movements caused by the behavior of these whales.
Gamestop and Pepe
Is there a relationship between Gamestop’s share price and Pepe? One is a meme stock and the other is a memecoin. When Gamestop folded this week, Pepe fell not long after.
Shares of GameStop plunged nearly 40% after announcing a new stock sale aimed at raising billions. This development coincided with a rare livestream from Keith Gill, better known as “Roaring Kitty,” who played a pivotal role in the meme stock craze of 2021.
‘What can I say about GameStop? The funny thing is, I have a lot of the same feelings about everything. They are in a transformation phase here… I think I see enough. I believe (CEO Ryan Cohen) might be able to do it,” Gill said.
