PEPE, the meme coin that had seemingly fallen into silence with no major positive developments, has staged a significant comeback in the crypto market. Today, the coin experienced a noteworthy surge, witnessing a price increase of $0.000001417 in 24-hour trading, marking an impressive 21% rally.
Source: Coingecko
Highlighting PEPE’s Potential
The sudden surge in PEPE’s value has sparked interest and speculation within the crypto community. One possible catalyst for this upward movement is the revelation of PEPE’s undervaluation index.
Top-11 #PJTs with Market Cap from $300M to $500M by #Undervaluation Index (UI*) #UI is a Market Cap to 24H Trading Volume ratio applied to PJTs with a similar Market Cap. The lower the UI, the more the PJT is undervalued.$SUI $TIA $TRB $PEPE $COMP $QTUM $DASH $AGIX $ASTR… pic.twitter.com/ZvLlEiCRTV
— Cryptolaxy #StandWithUkraine (@Cryptolaxy) November 7, 2023
Cryptolaxy, a prominent crypto analysis platform, took to social media on platform X to share that PEPE’s undervaluation index stands at 4.2. The undervaluation index serves as a metric to assess whether an asset is trading at a price that accurately reflects its true value.
In the case of PEPE, with an undervaluation index of 4.2, the coin appears to be trading below its potential value, hinting at the possibility of a forthcoming price uptick.
Significance Of Whale Movement
Adding to the intrigue surrounding PEPE’s resurgence, Lookonchain, a blockchain analytics platform, drew attention to a notable development in the market. According to their post, a whale — a large investor with significant holdings — has initiated the accumulation of PEPE.
What did the whale buy recently?
The whale with 10,080 $ETH($19.4M) spent 1,433 $ETH($2.6M) to buy 2.51M $ARB at $1.045 and 1,038 $ETH ($1.9M) to buy 1.65T $PEPE at $0.000001154.
The whale is currently making $177K(+7%) on $ARB and $159K(+8%) on $PEPE.https://t.co/9Btmdst56T pic.twitter.com/EwsXjIFGdz
— Lookonchain (@lookonchain) November 9, 2023
The movement of whales in the crypto market often carries significance, influencing trends and prices. The accumulation of PEPE by a whale suggests confidence in the coin’s potential and could further contribute to its upward trajectory.
PEPE’s Rollercoaster Ride And Future Prospects
As PEPE experiences this rollercoaster ride in its price dynamics, crypto enthusiasts and investors are closely monitoring the developments. The recent surge, driven by undervaluation and whale accumulation, raises questions about the sustainability of PEPE’s upward momentum.
Total crypto market cap currently at $1.3 trillion. Chart: TradingView.com
Analysts are likely to delve into the underlying factors influencing the coin’s value, exploring whether this resurgence is a short-term spike or indicative of a more substantial trend. The crypto community awaits further developments and market signals to gauge PEPE’s future prospects in this ever-evolving landscape.
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Featured image from Counselling/Pixabay