$1000PEPE Not connecting this one for now.
A few days ago I saw a set of pretty nice on-chain data.
Someone has been tracking 83 PEPE whale wallets. Recently, about $34.1 million worth of chips moved out from exchanges, while only $23.6 million was deposited into exchanges. That works out to a net outflow of roughly $10.5 million.
When you see data like this, it’s easy to come up with a line like: “The whales are accumulating.”
But today PEPE still got hammered down hard—down by nearly 12%.
That actually makes me more cautious.
When whales withdraw coins, it can reduce some of the immediate spot sell pressure, but it doesn’t mean the price has to go up right away.
Now even a story like “whale net outflow from exchanges” can’t hold up the price, so I definitely don’t want to just grab a rebound because it’s down a lot.
I’ll wait until the price stops falling on its own.
For now, I’m leaning bearish.
$1000PEPE
A few days ago I saw a set of pretty nice on-chain data.
Someone has been tracking 83 PEPE whale wallets. Recently, about $34.1 million worth of chips moved out from exchanges, while only $23.6 million was deposited into exchanges. That works out to a net outflow of roughly $10.5 million.
When you see data like this, it’s easy to come up with a line like: “The whales are accumulating.”
But today PEPE still got hammered down hard—down by nearly 12%.
That actually makes me more cautious.
When whales withdraw coins, it can reduce some of the immediate spot sell pressure, but it doesn’t mean the price has to go up right away.
Now even a story like “whale net outflow from exchanges” can’t hold up the price, so I definitely don’t want to just grab a rebound because it’s down a lot.
I’ll wait until the price stops falling on its own.
For now, I’m leaning bearish.
$1000PEPE
