Cryptocurrency data analysis platform Santiment has issued critical sales warnings for this altcoin! So, what are the next levels for this altcoin? Here are the details…
Santiment: PEPE Coin may experience the second sale in the short term!
Santiment shared its latest analysis report for Pepe (PEPE) in a tweet this morning. This report comes after the price of PEPE pulled back significantly after rising 1,200 percent between April 29 and May 5 of this year. According to Santiment’s analysis, avid investors had tried to buy the recent dip in crypto price in hopes that it would continue its impressive bullish streak. Unfortunately, efforts to buy this dip were not very effective as major addresses continued to sell PEPE holdings, according to the report.
🐸 Whether #memecoins are your thing, it's been hard to ignore the +1,200% price ascension of #Pepecoin and its ensuing -67% since. Whale behavior & on-chain activity is vital for anticipating if and when another pump happens. Read our $PEPE deep dive. 👇https://t.co/xFPp3EhdCk pic.twitter.com/bxdls5MZys
— Santiment (@santimentfeed) May 12, 2023
This has caused the price of the meme coin to drop almost as quickly as it rose, dropping nearly 65 percent since its all-time high (ATH) on May 5. According to the report, the firm’s social dominance metric perfectly predicted the altcoin’s price drop. The indicator showed that PEPE’s social dominance dropped from 5 percent to 1-2 percent hours before determining its ATH. This indicated that investors were starting to shift their attention from PEPE to other altcoins.
Active address amount up to ATH of PEPEAlso, the amount of unique addresses holding PEPE has also risen towards the price peak. Santiment also warned that an increase in the number of large addresses holding 100 million PEPE or more would be an early indication of a second wave of selling in the short term. However, it is estimated that this second sale will not be as severe as the previous one. Momentarily, PEPE was valued at $0.00000127, down 21 percent.
Big warning to meme coin projects from Benjamin Cowen!
cryptocoin.com Benjamin Cowen, Chief Executive Officer of Into The Cryptoverse (ITC), whom we mentioned earlier, recently warned on Twitter about the rising trend of meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe Coin (PEPE). According to Cowen, these meme coins are flooding the market to make their founders rich. Arguing that the “strong community” narrative is nothing more than garbage, Cowen argues that the prevailing idea is that a meme coin with a large follower base could likely be successful and make investors rich. But according to the expert name, this is a misconception. Also, the ITC founder stated that most of these coins were created by the same group and then they raised and lowered the coin until it ceased to be profitable.
Daily reminder that these memecoins that are flooding the market exist to make the founders rich.
The “strong community” narrative is garbage.
Most of these memes are created by the same group, just pumping and dumping until it no longer is profitable.
— Benjamin Cowen (@intocryptoverse) May 9, 2023
Cowen’s statement sparked backlash in the crypto community and many shared his views. A crypto investor with the username @Conk_Shaman added that if a person is unable to make a profit and raise their capital, such an investor will be used as exit liquidity, regardless of whether the meme coin has the strongest community ever. As you know, Shiba Inu and Doge both have an extremely strong community with 3.7 million followers. According to data from popular market tracker CoinMarketCap, meme coins have a market cap of over $16 billion, with Dogecoin, Shiba Inu and PEPE holding the largest shares.
New memecoin projects increase excitement among investors!
On the other hand, the popular altcoin Dogecoin and Shiba Inu have proven their worth. Both coins have a lot of benefits and are accepted as payment methods worldwide. But PEPE, a meme coin that was released just last month with a market cap of over $629 million, is of no use, according to experts. However, the token has caught the attention of major crypto investors. It is reported that three whales recently bought three trillion PEPE Coins as their value fell.
On the other hand, a newly launched memecoin has caught the attention of Charles Hoskinson, the founder of the Cardano (ADA) blockchain. Hoskinson expressed curiosity about the popularity surrounding Snek (SNEK), a Cardano-based meme coin, today. Some Cardano enthusiasts see Hoskinson’s tweet as a ploy to promote the newly launched meme coin.
Similarly, Ben Armstrong, commonly known as Bitboy Crypto, is busy promoting BEN coin to his 1 million followers. While the market trend is towards meme coin projects, experts recommend paying attention.
