- 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.
Two massive crypto investors, otherwise known as crypto whales, have been spotted on a meme coin buying spree this Friday. The multi-million on-chain moves preluded a price spike for both involved memecoins, Pepe Token (PEPE) and the cat-themed Mog Coin (MOG).
Is PEPE Price Entering Correction?
Firstly, a freshly-created crypto wallet address started accumulating PEPE, crypto’s most popular frog token, in the morning of November 22, 2024. Notably, this large crypto investor used the new wallet to cash out 309.6B PEPE coins (PEPE) from KuCoin, a leading crypto exchange based in Seychelles.
Worth $6.45M at stamped transaction time, now this PEPE Token (PEPE) believer’s wallet balance slumped to $6.26M, according to SpotOnChain. Meanwhile, PEPE price enjoyed intra-day gains to trade at $0.00002174, but got rejected to $0.00002022 as of now.
In spite of 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 are expecting a market correction to occur before an all-time high retest.
Fearless Whale Snaps Up 2.2T MOG
Currently, the Crypto Fear & Greed Index is residing at record high greed levels, flashing 95. The high score represents an extreme level of greed, unprecedented since February 2021. The crypto community’s growing appetite for a potentially higher reward results in the meme coin sector dominating the market.
To illustrate the memecoin bonanza, a crypto whale spotted by the SpotOnChain whale tracking agency withdrew 1,803 Ethereum (ETH) earlier today, making $6.06 million. The smart money investor splashed all of these digital funds on 2.2 trillion of Mog Coin (MOG), the internet culture cat coin that’s knocking on the doors of crypto’s TOP 100 by market cap.
Netting 0.5% of total Mog Coin’s (MOG) supply in one go, this crypto whale pivoted on the feline crypto right before it struck a new all-time high (ATH). Indeed, Mog Coin (MOG) sparked up 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, majorly depending on the upcoming listings and community developments.
On The Flipside
- Both aforementioned memecoins have exactly the same max supply, capped at 420,690,000,000,000 tokens.
- Historically in crypto psychology, periods with greed reaching such high levels often precede harsh pullbacks.
Why This Matters
Major crypto investors, especially those proven to be profitable in the long term, are usually the first ones to spot an emerging market trend or an incoming price shift.
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