Despite Bitcoin’s Strong Surge, Major Meme Coins and Altcoins Struggle to Maintain Gains
Recently, although Bitcoin (BTC) has maintained a strong upward trend, major meme coins and altcoins have not been able to avoid a downward trajectory. Particularly, many altcoins have undergone sharp corrections following the bullish phase from November to December, primarily due to Ethereum's (ETH) lackluster performance. Over the past 60 days, Ethereum has fallen more than 29%, failing to regain its upward momentum.
[Dramatic Decline of PEPE]
PEPE, a prominent meme coin based on Ethereum, has suffered a significant blow, plummeting by 60% over the past two months. Currently, PEPE is trading at about $0.00001, which is at a three-month low.
[Movements of Whales]
As PEPE reached a significant support level, movements from whales (large investors) have been observed. According to the on-chain analysis platform Onchain Lens, a whale investor recently withdrew 375.35 million PEPE (approximately $3.71 million) from Binance just 11 hours ago. This suggests that large investors are accumulating PEPE at lower prices, anticipating a future rebound.
[Historical Patterns and Possibilities]
According to cryptocurrency analyst Jameson, the current price movements of PEPE on the 12-hour chart display patterns similar to those from last year. Last year, after a sharp decline in December, PEPE failed to rebound in January and experienced another drop in early February before soaring tenfold in March from $0.0000011 to $0.00001081. If this pattern repeats, there is a possibility that PEPE could experience another surge if Ethereum recovers.
[Conclusion]
For investors focusing on meme coins, PEPE is still regarded as a significant asset to watch. Particularly if the current correction follows historical patterns, this may be an optimal time to accumulate PEPE. However, investment decisions should always stem from careful analysis and thorough research.
This article does not constitute investment advice or financial recommendations. Cryptocurrency investments carry high risks, and the responsibility for any investment decisions lies solely with the investor.
