Coin Edition -
- Meme stocks surge: GME up 50%, PEPE sees smaller gains
- GameStop investor “Roaring Kitty” returns, sparking interest
- Whale transaction on PEPE raises concerns of price volatility
Meme stocks experienced a resurgence in the last 24 hours, with both GameStop (GME) and Pepe (PEPE) registering notable price movements. GME surged by nearly 50% to $0.007729, accompanied by a trading volume of $84.5 million. PEPE, on the other hand, saw a more modest uptick of 0.26%, reaching $0.000009 with a significantly higher trading volume of $847.5 million.
Renewed interest in GameStop emerged after the return of Keith Gill, a retail investor known online as “The Roaring Kitty,” who played a pivotal role in the company’s stock surge in 2021. Gill’s return to the spotlight rekindled investor interest, prompting some to revisit their investment strategies from the previous year.
For GME, technical indicators present a mixed picture. The Relative Strength Index (RSI) sits at 52.58, suggesting a neutral market sentiment, neither overbought nor oversold. However, the Moving Average Convergence Divergence (MACD) hints at a potential bullish reversal, suggesting that the stock may be oversold and poised for a price increase. Traders should consider both indicators alongside broader market conditions when making investment decisions.
Source: TradingView
Similarly, PEPE’s RSI of 57.99 also indicates a neutral market position, suggesting that traders should wait for confirmation before making any moves. Notably, PEPE’s MACD value of 0.00000068 suggests a relatively low price level, potentially presenting a buying opportunity as the price rises.
Source: TradingView
However, recent on-chain data for PEPE reveals a potential complication arising from a large transaction. A multi-signature wallet deposited a substantial amount of PEPE tokens, valued at approximately $4.54 million, onto the Binance exchange.
This move, which may be a stop-loss measure, triggered a temporary price dip of 6% for PEPE. The wallet in question has a history of poor trading decisions, having lost nearly $717,000 (approximately 4.69%) in the past two weeks from separate PEPE trades. Historically, large whale transactions have often been associated with sharp price declines when significant quantities of PEPE are moved. This move led to a 6% price drop in PEPE, as this particular whale has a history of poor trading decisions. It lost $717,000 (approximately 4.69%) in the past 15 days from two separate PEPE trades.
13 hours ago, multisign 0x1a2 deposited 457.9B $PEPE ($4.54M) to #Binance to stop loss, contributing to a 6% price drop!Note that this whale is not a good $PEPE trader. The whale has lost $717K (-4.69%) from 2 PEPE trades in the past 15 days, and has often contributed to a… pic.twitter.com/Eog6xy1rsT— Spot On Chain (@spotonchain) May 19, 2024
Historically, whale transactions have often caused sharp price declines whenever large amounts of PEPE were moved.
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