Unprecedented Surge in Exchange Inflows
Pepe’s (PEPE) performance has been on a shaky ground in the past month following allegations surrounding insider trading and a potential rug pull. From a dismal 50% decline since August 13 to a 15% dip just in the past week, PEPE tops the list of losers among the top 100 cryptocurrencies in these periods.
The Santiment data sheds light on the alarming rise of PEPE inflow to exchanges which surged from 116 billion coins on September 9 to a staggering 950 billion tokens as of the latest update.
Increasing Whale Activity
Despite the noticeable dip in PEPE’s value, whale activities have surged, marking an increase in transactions involving at least $100,000 worth of PEPE tokens — escalating from 7 on September 9 to 91 unique trades in the past day. While this brings a whirlpool of volatility, it’s an indicator of the unsettled waters in the PEPE market landscape.
Social Volume Takes a Dip
In conjunction with the asset’s dipping value, PEPE’s social volume has not fared well either, recording a steady decline since August 25. The data reveals a significant 17% drop in the past two days, painting a gloomy picture of PEPE’s standing in social discussions and potentially influencing market dynamics further.
Market Reactions and Future Prospects
With PEPE’s price fluctuating at $0.00000069 and a 4.8% dip in the past 24 hours, the market remains volatile. A notable aspect remains the 31% surge in the 24-hour trading volume, reaching $55 million, driven by whale actions in the market.
As PEPE navigates through turbulent waters, it remains crucial for investors to keep a close watch on the developments, understanding that high volatility is expected when whales make substantial moves in the market. The current scenario paints a complex picture of PEPE’s market dynamics, where an increase in active deposits and whale transactions coexists with decreasing prices and social volumes, underscoring the intricate interplay of factors at play in the cryptocurrency market.
