PEPE has observed a sharp increase of around 64% during the past few days, but is this rise here to stay? Here’s what on-chain data suggests.
PEPE Whale Transfers And Volume Have Been High Recently
According to data from the on-chain analytics firm Santiment, whales have actively engaged with the asset as it has gone up during the last few days. The relevant indicator here is the “whale transaction count,” which measures all PEPE transfers taking place on the blockchain that are worth at least $100,000 in value.
This indicator can provide us with hints about how active the whales are in the market currently, as generally, they are the only investors capable of moving such a large amount of the asset with a single transfer.
For top cryptocurrencies like Bitcoin, the cutoff for whale transactions that the metric uses is $1 million, but as the memecoin is still relatively small currently, it makes sense that the whales and the transfers that they would make would be smaller as well.
We współpracy z: https://bitcoinist.com/pepe-enjoys-sharp-64-rally-but-will-this-rise-last/
