Pepe’s [PEPE] rally of double-digit gains came to a halt a few weeks ago. The downtrend market also kept the meme coin’s price from climbing. However, surprisingly, at the time of writing, the meme coin was trending at #1 on CoinMarketCap. In the last 24 hours alone, the meme coin’s chart turned green as its price rose by 10%. However, the trend might soon change, as indicated by Lookonchain’s tweet.
This guy might be an inside trader.
— Lookonchain (@lookonchain) June 15, 2023
A possible case of insider trading was exposed by Lookonchain’s tweet on June 15, which showed that a trader dumped all of their 972.84 billion PEPE tokens for 514 ETH, equivalent to $848,000 at the time of sale. A trader took advantage of this opportunity and acquired over 2 trillion tokens of the coin with a mere $58. This happened only minutes after the coin was available on the market. PEPE is a meme coin inspired by the popular Pepe the Frog internet character.
Will the Price Drop Anytime Soon?
The meme coin PEPE did not seem to be affected by the market downturn, as it maintained its price level in the short term. A glance at PEPE’s 4-hour chart showed several positive indicators. For instance, the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) of the meme coin were both rising. Moreover, the MACD indicated a bullish crossover. However, the Exponential Moving Average (EMA) Ribbon was still bearish, which could pose a challenge.
The meme coin PEPE showed signs of bullishness in its supply distribution, as it indicated that the demand for the coin was high. According to Santiment’s chart, the supply of PEPE held by the largest addresses increased over the past week, suggesting that the big players were accumulating the token.
Moreover, PEPE’s supply on exchanges decreased while its supply outside of exchanges increased. This bullish signal implies that the price of the coin could continue to rise.
The memecoin PEPE had a bullish supply distribution, but its network activity was weak. The daily active addresses and the network growth both dropped last week. This means that fewer new addresses were involved in transferring the coin. The market sentiment for the meme coin was also negative, as shown by the low-weighted santiment score.