- Crypto Fear & Greed index turns ultra greedy, hinting at correction.
- PEPE price rally faces a challenge as speculative traders go short.
- Large holder swaps $6M Ethereum for 0.5% of MOG token supply.
This Friday, two massive crypto whales have been spotted on a meme coin-buying spree. The multi-million on-chain moves preluded a price spike for both involved memecoins, PEPE and the cat-themed Mog Coin (MOG).
Is PEPE Price Entering Correction?
Firstly, a freshly created crypto wallet address started accumulating PEPE, cryptoโs most popular frog token, on November 22, 2024. This large crypto investor used the new wallet to cash out 309.6B PEPE from KuCoin, a leading crypto exchange based in Seychelles.
Worth $6.45M at stamped transaction time, now this PEPE believerโs wallet balance has slumped to $6.26M, according to SpotOnChain. Meanwhile, the PEPE price enjoyed intra-day gains to trade at $0.00002174 but was rejected at $0.00002022.
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Despite the high trading volume on both Spot and Derivatives markets, the frog-decorated memecoin saw slightly less long than short-selling positions, according to CoinGlass data. Naturally, this implies that leveraged crypto traders expect a market correction to occur before an all-time high retest.
Fearless Whale Snaps Up 2.2T MOG
Currently, the Crypto Fear & Greed Index resides at record-high greed levels, flashing 95. The high score represents an extreme level of greed, unprecedented since February 2021. The crypto communityโs growing appetite for potentially higher rewards results in the meme coin sector dominating the market.
To illustrate the memecoin bonanza, a crypto whale spotted by SpotOnChain withdrew 1,803 Ethereum (ETH) earlier today, making $6.06 million. The smart money investor splashed all these digital funds on 2.2 trillion MOG, now knocking on the doors of cryptoโs TOP 100 by market cap.
Netting 0.5% of total MOG’s supply in one go, this crypto whale pivoted on the feline crypto right before it struck a new all-time high (ATH). Indeed, MOG sparked a rally to $0.000002967 but has retraced over 12% since the milestone. Freshly scorching past the $1 billion market cap checkmark, MOG is still not listed by several major crypto exchanges. Thus, the cat-themed crypto has plenty of potential to grow, depending on the upcoming listings and community developments.
On the Flipside
- Both aforementioned memecoins have the same max supply, capped at 420,690,000,000,000 tokens.
- Historically, in crypto psychology, periods of greed that have reached such high levels often precede harsh pullbacks.
Why This Matters
Major crypto investors, especially those proven profitable in the long term, are usually the first to spot an emerging market trend or an incoming price shift.
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