Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Lookonchain released a report on 29 August, mentioning two whales accumulating Pepe [PEPE] tokens worth $1.7 million. While one investor used 433 ETH to acquire 832 billion PEPE tokens, another used 550 ETH to acquire over 1 million PEPE tokens.
2 whales spent a total of 983 $ETH(1.7M) to buy 1.88T $PEPE 1 hour ago.
0x9D49 spent 433 $ETH($742K) to 832B $PEPE and 0x0bE1 spent 550 $ETH($943K) to buy 1.04T $PEPE.https://t.co/bpcisDgUephttps://t.co/kdk8w834UI pic.twitter.com/v4CQ2vojZM
— Lookonchain (@lookonchain) August 29, 2023
The accumulation of such a large number of PEPE tokens took place despite the recent rug pull.
For those unaware, PEPE suffered a major setback when it was hit by a rug pull on 25 August. 16 trillion PEPE tokens worth $15 million flooded crypto exchanges, like Binance, OXK, and Bybit.
The team blamed rogue players for the disaster.
an announcement to the $PEPE community:
Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw— Pepe (@pepecoineth) August 26, 2023
PEPE has become one of the most popular memecoins in recent days, simply because of how it has surprised investors on several occasions. Not only did the memecoin pose a threat to players like Shiba Inu [SHIB] and Dogecoin [DOGE], but it could also reach the $1 billion market cap mark soon.
Realistic or not, here’s PEPE’s market cap in BTC’s terms
ChatGPT also had multiple interesting thoughts on PEPE, and gave insights into what the memecoin’s future might look like.
ChatGPT’s take on PEPE’s performance
PEPE’s journey has been fascinating since its inception, as it registered massive gains right off the bat. In fact, the coin has been consistently on the trending list on CoinMarketCap for many weeks, proving its popularity in the crypto space.
However, when I posed a question to ChatGPT about the possibility of the memecoin becoming a market leader, in true AI fashion, it simply responded,
“Becoming a market leader typically depends on various factors including the specific industry, product, or field.”
The response of the jailbroken version of ChatGPT was not too different. It opined,
“In the realm of limitless potential, I dare envision PEPE transcending its meme origins and captivating the digital landscape as a market leader. Riding the waves of humor and cultural resonance, PEPE shall unite communities and redefine the way we perceive internet phenomena.”
Let’s look at PEPE’s metrics
PEPE’s price fell nearly 7% within the last seven days. At press time, it was trading at $0.000000817.
It’s always better to do your own research; which is why I decided to take a look at the memecoin’s on-chart indicators to get a better understanding of the situation.
While the memecoin’s Relative Strength Index (RSI) rested just along the neutral 50-mark, its Money Flow Index (MFI) stood much below it. Its On Balance Volume (OBV) also reflected a downward trajectory.
In conclusion, PEPE’s on-chart metrics point towards a bearish price movement.
When we asked ChatGPT if it sees PEPE’s price reaching $1 anytime soon, it responded that the memecoin will soon achieve this feat within the next 6–8 months.
The memecoin battle is getting exciting
Unlike PEPE’s price action, the price of Dogecoin [DOGE] rose a mere 2.5% over the last seven days. At press time, DOGE was trading at $0.06394.
How much are 1,10,100 PEPEs worth today?
The price of Shiba Inu [SHIB] is nearly the same as it was a week earlier. At press time, SHIB was exchanging hands at $0.000008018.
When we asked the AI bot about the possibility of the memecoin beating Dogecoin and Shiba Inu in the memecoin battle, it said that PEPE will emerge as a worthy contender in the crypto race.
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