The PEPE Token Has Gained Significant Attention From Both Retail and Institutional Investors

Prominent market analysts like Santiment and Whale Alert have highlighted notable trends in the token's network activity and whale accumulation

Retail and institutional investors alike have shown great interest in the PEPE token. Well-known market analysts, such as Santiment and Whale Alert, have brought attention to notable trends in the token’s network activity and whale accumulation, respectively. Furthermore, technical analysis from Nebraskangooner provides key insights into the asset’s potential future price movements.

Santiment observed a commonality among PEPE, Fetch.AI (FET), and Ethereum Name Service (ENS) – sudden massive spikes in network growth. When coins experience a surge in new addresses being created, it is often linked to FOMO (fear of missing out) due to rising prices (as seen with ENS) or anticipation of a potential breakout.

According to data from Santiment, PEPE, together with Fetch.AI and Ethereum Name Service, have recorded a significant uptick in network growth. Such spikes often indicate a rise in new addresses being created. While this suggests growing interest and potential bullish sentiment for PEPE, it is likely driven by FOMO due to rising prices or anticipation of a breakout.

On another note, the highly anticipated token merger involving Fetch.ai, Ocean Protocol, and SingularityNET, which was initially expected to take place in June, has now been postponed and is set to occur on July 15, 2024. During this period, Whale Alert highlighted substantial whale activity in the PEPE market, with whales accumulating millions of dollars worth of PEPE tokens. This accumulation underscores the growing confidence among large investors and can often precede significant price movements.

Whales are accumulating millions of dollars worth of $PEPE. pic.twitter.com/3YZ0b9jbn4

Will PEPE Hold the Line? Critical Support Zone Analysis

Nebraskangooner suggests monitoring for either a breakout or a breakdown from this pattern. A breakdown could lead to a measured move back to the 99 SMA [Simple Moving Average] support level, which is a crucial juncture for the token’s price movement. The highlighted support zone (green area) marks a significant level where buyers might step in if the price declines, providing a cushion against further downside.

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