The current trend is completely dominated by meme coins, specifically the BRC-20 tokens which are nothing but NFTs on the Bitcoin network. The tokens like PEPE, PEPE Ai, SUI, PEPED, etc, and many more have conquered the trending coins list in the past few days. Meanwhile, the price of PEPE built on Ethereum surged magnificently bringing the asset within the top 50, but now the prices have plunged considerably.
Despite this, the popularity of crypto has not waned yet indicating the resurgence of the bullish trend in the coming days. The whales have again started accumulating the popular token, now that the prices have dropped by more than 55% from their highs around $0.00000449.
A popular platform that records gaint whale movements highlights the accumulation of 2 whales who have bought billions of PEPE in the past few hours. A whale withdrew 1.4 trillion, while the other two bought 212 billion and 424 billion. Hence these huge movements have kept the platform active which may soon induce significant bullish momentum within the token.
Will Bitcoin continue to plunge amid the rising demand for PEPE and BRC-20 tokens?
Despite extreme bearish pressure, the BTC price continues to flash bullish signals. An analyst, Michael van de Poppe believes the price may go still lower from the current levels that may further go long amind the anticipation of CPI. Moreover, the required bullish divergance has also been withneesed lately which may keep up the bullish momentum for a longer time ahead.
Source: https://coinpedia.org/price-analysis/memecoin-mania-may-revamp-soon-whales-again-accumulate-pepe-coin-will-btc-price-plunge-below-25000/