The rise of Pepecoin in the crypto market has been the talk of the town for the past two weeks. The meme coin has witnessed a staggering price increase of approximately +1,200%, followed by a drop of -67% since May 5th.
Whale behavior and on-chain activity play a crucial role in anticipating the next pump for this volatile asset. According to a recent tweet by Santiment, the timing for the next top or bottom for Pepecoin may depend on the crowd’s interest in the asset.
Santiment’s Insights On PEPE
Santiment’s metrics suggest that traders should look for a dip in the number of unique addresses and social dominance to anticipate the next pump.
Moreover, the largest addresses with 100M PEPE or more began reversing course right on the May 5th top, indicating that there is a larger probability of Pepecoin going for its 2nd round of pumping.
The 30-day MVRV metric shows that traders are back to break-even in the past 24 hours, and if it gets into negative territory, it could be an opportunity zone for traders.
The mean dollar invested age is another crucial indicator to look for in Pepecoin. The average number of days Pepecoin has been sitting in the average wallet is about five days, indicating that stagnant addresses are getting ready to make pump moves once again.
However, in the world of meme coins, they are controlled by speculation and crowd expectations. The rise and fall of such assets can be highly unpredictable. As Santiment suggests, traders should watch out for the crowd’s interest in Pepecoin to anticipate the next pump.
When everyone is proclaiming that it’s time to buy the dip, it’s not yet time. But if the jokes and FUD perpetuating start to make fun of all the traders who are “still stubbornly diamond-handing PEPE”, the jokes may soon be on them for missing out on the asset that everyone is writing off.
Nevertheless, the coin’s rise and fall have been nothing short of spectacular. While the next pump is unpredictable, traders can use Santiment’s metrics and whale behavior to anticipate the next move for this volatile asset.
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