Widely followed cryptocurrency whale Kaleo shared that he expects a sharp drop in the meme token market. However, it does not ignore the jumps that may upset short investors…
“Whether you like it or not, most meme tokens will go to zero”
The cryptocurrency whale and trader with half a million followers predicts that the time meme coin rally since mid-April will now return to a correction. Despite this, he said that Pepe Coin (PEPE), which has risen 4,200% in a short time, is still strong enough to rise further.
Pepe has been setting new highs since becoming mainstream every time he crossed above a descending trendline on the hourly chart last month. Kaleo thinks meme coin can still rally despite anticipation of correction.
However, Kaleo is the indication that most meme coins tend to depreciate over time. Therefore, he warns that it is not suitable for long-term investments. “Whether you like to hear it or not, most meme coins will be heading towards zero,” she says in a follow-up tweet.
Is Pepe’s unprecedented cryptocurrency rally coming to an end?
PEPE’s performance has eclipsed SHIB since its launch. Although PEPE is #1 on CoinMarketCap, metrics now show a trend reversal. At this point, Kaleo includes a few red lines that investors should pay attention to:
Whether you like to hear it or not, most meme coins will be heading towards zero. This is true for all altcoins, but the lifecycle of a meme coin typically takes place in a compressed timeframe.
Whether you like to hear it or not – the majority of memecoins will trend to zero.
This goes for all alts, but the life cycle of a meme coin typically happens over a compressed time period. Aka pump faster, dump faster.
If you’re cool with that, no big deal. I respect that.…
— K A L E O (@CryptoKaleo) May 9, 2023
Gemini becomes the largest Pepe Coin whale
Cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, reported that after listing Pepe, it was among the top 50 Pepe whales. Pepe’s assets in Gemini are growing rapidly, while other meme tokens are gaining a lot of attention.
Ethereum-based Pepe debuted in April. Pepe is estimated to have added approximately $1.3 million to Gemini accounts. Jason Cline, a crypto analyst, said he thinks Gemini rival Coinbase is disconnected from reality in terms of listing Pepe, and that the platform will struggle to keep up with other exchanges to list Pepe.
And just like that, in less than 24hrs, @gemini has cracked the top 50 holders of $pepe. 748 billy ($1.3 million) has been deposited to their exchange. Will keep an eye on this. pic.twitter.com/R2kGXjOV5q
— Jason Cline 🚀 (@Jclineshow) May 10, 2023
Cline also suggested that Robinhood would also list Pepe. The analyst says crypto exchanges are making moves to capitalize on Pepe’s popularity. But despite Pepe’s market cap rising to over $1.6 billion, its price has dropped 56% from its peak.
At the time of writing, the price of PEPE is showing gains of more than 85% in the last seven days. Meme coin was trading at $0.000001614 with a market cap of over $760 million.
Are the good days over?
PEPE’s growth momentum has slowed in recent days. It is currently down around 15% compared to the last 24 hours. Also, the supply of meme coin on exchanges has increased recently. This was accompanied by a drop in supply outside the stock markets, which is a typical bearish signal. In an important development as Kriptokoin.com, Tron founder Justin Sun is announcing that he will start buying meme tokens.
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