Is the Rally of Pepe Coin Here to Stay as Smart Money Investor Makes $14M Profit?
Pepe Coin, a rising star in the world of meme cryptocurrencies, has defied all expectations with a significant surge in value. The coin’s price has experienced a remarkable 12% increase, with each PEPE coin now trading at $0.00001136. Adding to the excitement, a whale investor known as “Smart Money” has made substantial profits, achieving a Return on Investment (ROI) of 943% by selling a portion of their holdings.
The success story of Smart Money has been unveiled by Lookonchain, a prominent blockchain analytics platform. According to earlier reports by Coinpedia, Smart Money invested $1.56 million USDT to acquire a staggering 1.40 trillion PEPE coins between December 2023 and February 2024. Recognizing the opportune moment, Smart Money recently sold 140 billion coins, equivalent to 10% of their holdings, during a peak in Pepe coin’s valuation. This savvy move resulted in a jaw-dropping profit of $1.57 million, effectively recovering their initial investment and then some.
This strategic maneuver not only solidified Smart Money’s position in crypto folklore but also yielded an impressive ROI of 943%, highlighting the astuteness of their Pepe Coin investment. Even after parting with a portion of their coins, Smart Money still holds a substantial stake of 1.26 trillion Pepe Coins, valued at an impressive $14 million.
Examining the market data from Coinglass, it is evident that Pepe Coin is experiencing strong activity in its open interest (OI) and derivatives trading. The OI has risen by almost 12% to $120.11 million, while derivatives volume has surged by 24.06% to $2.52 billion. These figures indicate a growing interest and activity in Pepe Coin.
However, it is crucial to note that the Relative Strength Index (RSI) has reached 75, signaling that Pepe Coin is entering overbought territory. This suggests the potential for a pullback or price reversal if buying slows down.
As of now, Pepe Coin’s price has increased by nearly 12% in the past 24 hours and is currently trading at $0.0000113. This price surge was supported by a significant rise in trading volume, which soared by 91.82% to $3.81 billion.
If you’re interested in the world of meme cryptocurrencies, you may also want to check out our article on the Top 10 Memecoins Set to Explode Soon, as it may provide valuable insights into the market. Whether you believe Pepe Coin still has room to grow or it’s time to cash out, we’d love to hear your thoughts.