- The price of PEPE saw an impressive but very modest 9% recovery, with the goal of reaching $0.00001000.
- But as the price increased, the traders who were betting on a further drop in value lost more than $17 million in a single day.
- Given that they have gathered more than 1 trillion PEPE in the last three weeks, whales are also optimistic about a recovery.
- Even if the price of PEPE was in a recovery zone, the outcome turned out to be unfavorable.
Even though the investors suffered significant losses, the huge wallet holders might not stop their shopping binges.
The market was shocked by the PEPE price’s little 9% increase on the previous day. Not because it marked the beginning of recovery, but rather because it brought about a large number of quick liquidations.
The meme coin saw $17 million worth of short liquidations in a single day, per data that was retrieved from Coinglass. The fact that this is the biggest liquidation in the meme coin’s history indicates that the bearish anticipated that the price of PEPE will drop much further this weekend.
However, while this was bad news for bears, it turned out to be good news for other investors, particularly whales and the top addresses. Compared to other single addresses, these non-exchange addresses have the most PEPE.
These investors have purchased over 1.5 trillion PEPE worth over $13 million in the last three weeks. This demonstrates that the top holders saw the fall as a chance to accumulate rather than becoming pessimistic about it. When the price goes back up, this will turn out to be profitable.
Earlier this week, the price of PEPE broke the upward trend that had held steady since mid-April. Consequently, at the time of writing, the meme coin dropped from $0.00001146 to $0.00000889. A major bearish event occurred when the price fell below $0.00001000, which led many to believe that more declines are likely.
The green candlestick from the previous day, nevertheless, might be the first indication of recovery. The meme currency could reach $0.00001146 to make up for the previous losses if it multiplies $0.00001000 into support once again.
However, if this doesn’t work, there’s a chance for a fall to $0.0000775 and a further consolidation below $0.00001000. This would refute the optimistic viewpoint.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
