Big investors are buying the meme cryptocurrency PEPE, despite the drop in price
The price of Pepe (PEPE) is down over 14% in the last week to $0.00001114 amid reduced activity in the meme token market.
However, large PEPE holders, known as whales, have been actively accumulating the token in recent weeks, increasing their holdings by 3%.
This spike in accumulation coincides with a remarkable increase in activity on the PEPE network, with daily active addresses increasing by 105% and new addresses increasing by over 300%.
However, despite increased whale activity and online demand, bearish sentiment for PEPE remains as indicated by the Directional Movement Index (DMI), where the negative trend outweighs the positive.
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Good news for Ethereum - huge growth in staking on the networkDMI suggests a continuation of the current bearish trend, which could potentially lead PEPE price down to $0.000010 if the decline continues, while in an uptrend it could rise to $0.000012.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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