Pepe Coin, the meme coin with the iconic frog image, has been defying the odds in the volatile crypto market. While the broader market experiences turbulence, Pepe has skyrocketed to a new all-time high (ATH), captivating the attention of seasoned investors known as “Smart Money.”
Smart Money Bets on Pepe: A Sign of Things to Come?
On-chain data analysis reveals a significant movement – a whopping 250.5 billion PEPE shuffled by Smart Money addresses coinciding with the recent ATH. This has ignited a frenzy of speculation among investors, with many wondering if Pepe has the potential for further gains.
Diving into the Smart Money Activity
According to on-chain analytics, the past 24 hours saw a staggering 250.4 billion PEPE transferred. Notably, these transactions showcase both accumulation and offloading by Smart Money traders.
One specific Smart Money address, labeled 0x37…, caught attention by accumulating a hefty 406.74 million PEPE from Binance, a leading cryptocurrency exchange. Interestingly, another address, 0x647…, offloaded a massive 250 billion PEPE back to the same exchange.
Here’s where it gets intriguing: address 0x647… initially accumulated a staggering 475 billion PEPE just after the coin’s launch, indicating a strong early belief in its potential. They’ve since sold off a majority of their holdings, yet still retain a significant 7.25 billion PEPE, suggesting continued optimism about the meme coin’s future value.
On the other hand, Smart Money address 0x37…’s accumulation during Pepe’s current bull run adds fuel to the fire of potential future gains.
Pepe’s Price Soars to New Heights
As of this writing, PEPE’s price has surged a remarkable 21% within the last 24 hours, reaching a new high of $0.00001005. This monumental achievement marks the shedding of a zero from its value, but questions linger about whether it can sustain this level.
Bullish Signs Abound, But Caution Urged
The significant PEPE buying spree has undoubtedly exerted substantial buying pressure on the token. Additionally, the 24-hour trading volume skyrocketed by a staggering 280.38% to $2.11 billion, pushing the token into a bullish territory.
Further bullish sentiment comes from Coinglass data, indicating a potential market uptrend for Pepe. Open interest surged by 14.92% to a noteworthy $107.51 million, accompanied by a hefty 235.45% upswing in derivatives volume to $2.12 billion.
While this paints a highly optimistic picture for PEPE at present, a potential correction looms. The RSI (Relative Strength Index) currently sits at 70, suggesting the asset might be overbought. This could lead to a reversal or correction in the near future.
Pepe’s future remains uncertain, but one thing is clear: the meme coin has captured the attention of seasoned investors and the broader crypto market. As the saga unfolds, it will be fascinating to see if Pepe can maintain its momentum or experience a correction.
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