Pepe's 26% Weekly Gains Draw The 'Most Beautiful Weekly Chart' But Now's Not The Time To Buy, Says Trader

Zinger Key Points
  • Trader intuuitio forecasts flat Pepe performance in coming months despite its "most beautiful" weekly chart.
  • Smart money investor buys 142.96B Pepe for $1.26M with 85.7% win rate; 86% Pepe holders in profit.

Pepe PEPE/USD has been chasing the meme coin leaders in weekly gains, but one heavily followed meme coin trader forecasts a flat performance for the coin in the coming months.

What Happened: Despite describing Pepe’s current weekly chart as “most beautiful,” intuitio cautions investors to be careful when adding to their long positions, as Pepe sits “right under weekly resistance and round number.”

In another development, data from Lookonchain reveals that a smart money investor spent 1.26 million USDC to purchase 142.96 billion PEPE at a price of $0.000008831. This investor has traded Pepe seven times in the past six months, with an impressive win rate of 85.7% and a total profit of $915,000.

Also Read: Dogecoin Is ‘Primed For Higher’ But Pepe Is ‘On A Moon Mission,’ Exclaims Trader

Why It Matters: IntoTheBlock data highlights a growth of 2.2% in Pepe’s hodlers balance, reflecting positive sentiment surrounding the meme coin. With current weekly gains of around 30%, approximately 86% of Pepe holders are currently at profit, while only 1% remain out of profit, and around 13% stand at breakeven.

However, Pepe’s price correlation with Bitcoin stands at a low 0.09, compared to the high correlation of the two meme coin leaders, Dogecoin and Shiba Inu.

Price Action: At the time of writing, PEPE is trading at $0.000008806, up 3.6% over the past 24 hours and 26.4% over the past seven days.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: ‘I’ll Buy Ethereum, Dogecoin, And Maybe Pepe…When I Think Bitcoin Has Bottomed,’ Says This Prominent Crypto Analyst

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsTop StoriesExpert IdeasMemeCoins
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...