Pepe coin continues to captivate smart money traders, remaining a prominent trend as 250.5 billion PEPE tokens were traded while the token’s price surged to a new all-time high of $0.00001097.
Pepe coin has emerged as a standout player in the meme coin sector this year, reaching new all-time highs despite the market’s volatility. Recently, it hit another record peak, defying expectations and garnering significant attention. According to CoinmarketCap, PEPE reached an all-time high of $0.00001097 on May 14.
Amidst this impressive surge, PEPE has also caught the eye of Smart Money traders, who are known for their profitable strategies in the crypto market. On-chain data reveals that smart money addresses have exchanged nearly 250.5 billion PEPE tokens during its recent rally to new heights.
This has sparked a wave of speculation among investors, who are deliberating on the meme coin’s potential for future gains.
Smart Money addresses the shuffle of Pepe Coin: Here’s everything you need to know
In recent data released by on-chain analytics platforms, it’s been highlighted that a significant amount of 250.40 billion PEPE was transferred within the last 24 hours. These transactions notably reflect both accumulation and selling activities of Pepe coin by astute traders.
One savvy investor, identified by the address 0x37…, was observed accumulating 406.74 million PEPE from Binance, a prominent exchange in the global market. Conversely, another address, 0x647…, executed a substantial dump of 250 billion PEPE onto the same exchange.
Remarkably, address 0x647 had begun accumulating PEPE immediately after the coin’s launch. It initiated with an accumulation of 475 billion PEPE alongside 0.51 ETH. Subsequently, the address has sold off 468 billion PEPE to date, achieving an impressive ROI of 2084x. Despite the substantial selling, this address still retains a significant amount of PEPE, totaling 7.25 billion coins, suggesting a belief in the potential for further appreciation of the token’s value.
The accumulation of smart money 0x37 during PEPE’s bullish trend further boosts optimism for potential gains ahead.
PEPE’s price surges to achieve a new all-time high
At the time of writing, PEPE has surged by 19.68% over the last 24 hours, reaching a current price of $0.00001005. Its lowest and highest points within this period were $0.00000831 and $0.00001097, respectively. Removing a zero from its value marks a significant milestone for the meme coin, yet uncertainties persist regarding its ability to sustain this level.
Recent significant buying of PEPE has brought considerable pressure on the meme token. The 24-hour trading volume surged by 280.38% to $2.11 billion, propelling the token into a bullish phase. Coinglass data supports this bullish trend, indicating an uptrend with open interest rising by 14.92% to $107.51 million and derivatives volume increasing by 235.45% to $2.12 billion. This data paints an optimistic picture for PEPE currently. However, there are speculations of a potential correction due to the RSI hovering at 70, suggesting the asset is overbought. This may signal a forthcoming reversal or correction.
Read More: Analyst says meme coin demand is soaring as fast money chases Pepe and WIF
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