⏭️⏭️FOLLOW ME ⏮️⏮️
In a move that caught the crypto community’s attention, a trader recently deposited 121.75 billion PEPE tokens on Binance, valued at approximately $3.22 million. According to SpotOnChain, this trade brought the individual a profit of $2.13 million, marking an impressive 197% gain in just 2.5 months.
⏬️⏬️A History of PEPE Profits⏬️⏬️
This isn’t the first time this trader has profited from PEPE. Earlier this year in May, they made another notable trade, earning an estimated $1.23 million profit, a 75.5% increase, using a different wallet.
⏬️⏬️PEPE’s Price Action⏬️⏬️
Despite the broader crypto market facing challenges, PEPE has managed to rise in value. Over the last week, it increased by 24%, trading at $0.00002516—up 2.72% in the last 24 hours.
Reports indicate that two wallets, likely owned by the same trader, spent $4.89 million USDC to acquire 190.14 billion PEPE at an average price of $0.00002572.
⏬️⏬️Market Context: A Broader Crypto Sell-Off⏬️⏬️
While PEPE is showing growth, the broader cryptocurrency market is experiencing a sell-off:
Bitcoin (BTC): Currently trading below $99,000, down 0.39% in the past 24 hours.
Major Altcoins: Coins like XRP, Dogecoin, Cardano, and Tron have fallen by around 6%, while Polygon, VeChain, Gala, and Worldcoin saw larger losses, ranging from 7% to 11%.
This downturn coincides with traders adjusting their positions ahead of the Federal Reserve’s policy meeting scheduled for December 17-18.
⏬️⏬️Federal Reserve’s Impact on the Market⏬️⏬️
The market’s current volatility is tied to concerns about potential rate cuts from the Federal Reserve. Last week, Fed Chair Jerome Powell emphasized the need for caution in reducing rates, citing the economy’s continued strength. Cleveland Fed President Beth Hammack echoed this, stating that more evidence is needed to confirm inflation is approaching the Fed’s 2% target.
Traders are now estimating an 85% chance of a rate decrease at the upcoming policy meeting, a notable increase from earlier predictions of less than 70%.
⏬️⏬️What’s Next for PEPE and the Market❓️⏬️⏬️
While PEPE has bucked the market’s bearish trend, it remains to be seen whether this momentum can hold. Broader market dynamics, regulatory uncertainties, and institutional decisions will likely play a crucial role in determining its trajectory.
The trader’s massive deposit on Binance highlights the potential for short-term profits but also raises questions about the long-term sustainability of meme coin investments amid a turbulent market.#PEPE #BTC #Binance #DOGE #ETH
