PEPE whales buy the dip, but is that enough for the memecoin?

surprised memecoin investors by rallying significantly on the charts against all odds. However, the aforementioned surge was short-lived as the rally quickly came to a halt over the last few days.Despite the decline in price, however, whales continued to have faith in the popular memecoin. In fact, over the last few days, a whale bought 447.67 billion PEPE – worth $5.85 million – after PEPE’s price dropped, according to Lookonchain’s data.

However, a high concentration of whales would come at the cost of centralization of PEPE holdings. If the percentage of PEPE held by whales becomes increasingly high, retail investors will become susceptible to volatile price movements caused by the behaviour of these whales.At press time, PEPE was trading at $0.0000129. Over the last 24 hours, the price of PEPE fell by 10.06%. Despite the significant decline in price, the trend for PEPE has been relatively unharmed though.

The RSI for PEPE fell significantly – A sign that bullish momentum had declined materially over the last few days. On the contrary, the CMF for PEPE remained high – A sign of high capital inflows owing to recent whale behavior.On a separate but related front, the social volume fell too, pointing to the waning popularity of the token. Coupled with that, the weighted sentiment around the token declined, indicating a surge in negative comments around PEPE.

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