The stagger to the weekend continues for Bitcoin, Ethereum, decent altcoins, sh*tcoins and a cavalcade of degenerate, highly speculative, non-utility garbage based on internet memes.

Is “memecoin szn” fading? It would appear so, from simply assessing the dumpy price action on this lot, for instance…

pepe coin
Source: CoinGecko.com

That said, regarding the attention-grabbing Pepe coin, it also appears that whales (big bag holders) have been scooping up the coin on the dips. At least they were the other day, according to this Tweet (below) from the blockchain-data-analysing account Lookonchain.

The tracker noticed three crypto whales aping in on more than two trillion Pepe coins at more than US$4 million combined.

That’s not to say, of course, that those exact whales and others haven’t been selling in and out, manipulating this thing for fun in the meantime. The memecoin-trading sea is a treacherous place for minnows.

This tweet from the widely-used blockchain analytics firm Santiment also caught our eye, as it references an article that explains how they track whale activity for coins such as Pepe.

Some of the takeaways from that intel are as follows:

• The data gurus look at social dominance metrics that helps them to ascertain when a coin might be about to hit a price top. “One of the most reliable signs that it’s time to take profit on an asset is when the mainstream trading crowd begins to get euphoric and discusses an asset that is on a major rise like PEPE was,” reads the Santiment report.

• Pepe is still, however, “making up about 5% of discussions compared to top 100 assets”. If it gets down to the  1-2% range, then it could be “a good sign that traders are beginning to stray away and look for pumps from other altcoins”.

pepe coin
Source: insights.santiment.net

• “And as far as trying to time a dip buy,” adds Santiment, “looking at the largest addresses with 100M PEPE or more… we see that they also began reversing course right on the May 5th top. Hmm, what a coincidence!

“If you start seeing these lines moving up again, there is a much larger probability of PEPE going for its 2nd round of pumping (though probably a more minor one).”

Source: insights.santiment.net

• Santiment points to a few other metrics, including trading and transaction volume, which it noted  had faded heavily since Pepe’s May 5 top. “However, things have begun to rebound again with these metrics in the past 24 hours.”

Among other points of interest, Santiment also notes a factor we’ve been considering for a while when it comes to crypto sentiment in general – and that’s the idea that counter-trading the emotions or expressed sentiment on social media can sometimes be a decent play.

It’s a little bit like the old Warren Buffett quote: “Be fearful when others are greedy, and greedy when others are fearful”.

“When everyone on your Twitter, Reddit, Discord, or Telegram communities are proclaiming that it’s time to buy the dip, well, that means that it’s not yet time,” notes the blockchain analytics gurus, concluding:

“But if you start seeing nothing but jokes making fun of all the traders who are ‘still stubbornly diamond-handing PEPE’, then the FUD perpetuating and the jokes may actually soon be on them for missing out on the asset that everyone is writing off.

In the meantime, whether it’s frothy or dumpy, digital artist Beeple continues to just make fun of the memecoin space in his own unique style.

 

Top 10 overview

With the overall crypto market cap at US$1.14 trillion, down about 3.3% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

 

Around the blocks

Some pertinence and randomness that stuck with us on our afternoon moves through the Crypto Twitterverse.

Hmm, look, here’s a Pepe whale busting a move right now…

 

Note: the writer of this piece holds various crypto assets at the time of writing, including BTC, ETH and a handful of altcoins of various reputation and risk. And yes, even a tiny bit of the ridiculous memecoin PEPE. Absolutely not financial advice.