Pepecoin ($PEPE) Price Rally Generates $2M Profits for Memecoin Traders
The PEPE meme coin has experienced an astounding surge today, with the $PEPE token witnessing an impressive 60% increase in its price within a span of 24 hours. Well-known crypto analytics firm Lookonchain has reported significant profit-taking activities as investors took advantage of this sudden rally.
Advertisement
PEPE’s price has soared by over 60% today! Six wallets have sold 1.98 trillion $PEPE tokens, amounting to a staggering $4.37 million, to book profits. These transactions have resulted in a total profit of approximately $2 million. One specific wallet, identified as “0xa145,” made a deposit of 486.72 billion $PEPE tokens, equivalent to a staggering $1.04 million, to Binance just six hours ago, resulting in a swift profit of around $515,000, marking an impressive 97% gain.
In addition, five wallets, potentially linked to the same individual, collectively deposited 1.5 trillion $PEPE tokens, equivalent to $3.3 million, to Binance. This strategic move resulted in a substantial profit of $1.49 million, reflecting an 82% increase.
Lookonchain’s recent analysis has revealed notable wallet activities, indicating substantial profit-taking maneuvers by savvy investors, due to the massive surge in Pepecoin price.
The recent surge in the price of Pepe token sets it apart from other popular meme coins. While Dogecoin and Shiba Inu managed modest gains of 1.85% and 11.11% respectively, Pepe’s outlier pump propelled its price to approximately $0.00000228.
This surge has brought the token closer to a key resistance level that has been in play since last July. Breaking and closing above this barricade, at around $0.00000159, is expected to pave the way for Pepe to surge by 20%, targeting its 2022 high of around $0.00000189.
Recent on-chain data reveals a surge in active wallet addresses interacting with the Pepe network, marking an 85% spike in just four days last week and a 60% surge in 24 hours. The number of large “whale” transactions involving sums above $500,000 and $1 million worth of $PEPE coins has also triggered today’s surge of over 60%.
Looking ahead, with Pepe outperforming other meme coins this week and skyrocketing beyond 60%, analysts speculate that the token could aim for its all-time high market cap of around $1.8 billion. This would require a parabolic 10x price surge from its current levels.
Tags: Altcoins