Pepe Coin has continued to make waves in the cryptocurrency market, particularly among smart money addresses. Recently, an impressive 250.5 billion PEPE tokens were moved, coinciding with the token's price hitting a new all-time high (ATH). Despite market volatility, the frog-themed meme coin has defied expectations and rallied to unprecedented levels.
Smart Money's Interest in Pepe Coin
The recent upward momentum of Pepe Coin has attracted significant attention from smart money traders—seasoned investors known for their profitable crypto trades. On-chain data reveals that nearly 250.5 billion PEPE were shuffled by smart money addresses as the token achieved its new ATH.
This surge in activity has fueled investor speculation about the meme coin's future potential for gains.
Key Movements of Pepe Coin by Smart Money Addresses
Data from several on-chain analytics platforms indicate that 250.40 billion PEPE were moved in the past 24 hours. These transactions highlight both accumulation and dumping of Pepe Coin by smart money traders.
One smart money address, identified as 0x37…, accumulated 406.74 million PEPE from Binance, one of the world's leading exchanges. In contrast, another address, 0x647…., offloaded a staggering 250 billion PEPE to the same exchange.
Notably, address 0x647 had accumulated PEPE just one day after the coin's launch, purchasing 475 billion PEPE with 0.51 ETH. To date, this address has sold 468 billion PEPE, achieving an ROI of 2084x, while still holding 7.25 billion PEPE, indicating a belief in the token's further potential.
The accumulation by address 0x37 during a bull run adds to the optimism about potential gains ahead for PEPE.
PEPE's Price Rally to a New ATH
As of the latest data, PEPE's price has surged 19.68% in the past 24 hours, currently trading at $0.00001005. The meme coin's 24-hour low and high are $0.00000831 and $0.00001028, respectively. By surpassing a significant price milestone, PEPE has achieved a monumental feat, though there are speculations about its ability to maintain this level.
Increased Buying Pressure and Trading Volume
Recent substantial buying activity has exerted considerable pressure on the frog-themed meme token. PEPE's 24-hour trading volume has skyrocketed by 280.38% to $2.11 billion, propelling the token into a bullish phase.
Supporting this bullish sentiment, Coinglass data shows a market uptrend for Pepe Coin. Open interest has surged by 14.92% to $107.51 million, and derivatives volume has increased by 235.45% to $2.12 billion. This data suggests a highly optimistic outlook for PEPE at present.
Speculation of a Potential Correction
Despite the bullish indicators, there are speculations of a potential correction. The Relative Strength Index (RSI) hovering at 70 suggests that the asset may be overbought, indicating a possible reversal or correction ahead.
Conclusion
Pepe Coin's recent performance has captured the attention of smart money traders and the broader cryptocurrency market. With significant trading activity and price gains, the token's future remains a topic of keen interest and speculation. While the current data paints an optimistic picture, investors should remain cautious of potential corrections in the near term.
Notice:
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