Renowned Trader Puts $1.26M into PEPE, Rakes in $917K Profit
A groundbreaking event recently unfolded on the blockchain, as an investor referred to as “smart money” by LookonChain made a significant investment of $1.26 million in USDC to acquire approximately 142.96 billion units of the PEPE token. This transaction serves as a strong indication of the prevailing bullish sentiment surrounding PEPE within the cryptocurrency market.
LookonChain, a prominent platform for blockchain analytics, has disclosed an important development involving a trader known as “smart money,” who executed a purchase of 142.96 billion Pepe tokens for $1.26 million in USDC. This strategic move is regarded as a calculated trading maneuver within the meme coin market.
The transaction was carried out at a unit price of $0.000008831 and represents a series of well-timed moves by the investor over the past six months. The decision by smart money to allocate substantial funds to PEPE at this particular price point demonstrates a high level of confidence in the altcoin’s potential for further growth. Moreover, it highlights the growing interest and investment in alternative cryptocurrencies beyond major players like Bitcoin and Ethereum.
LookonChain’s data further emphasizes the success of this trader’s approach, with six out of seven PEPE trades resulting in profits. This remarkable win rate of 85.7% has generated total profits amounting to $915,000. Despite being a relatively new token, PEPE has attracted attention due to its recent price movements and the endorsement of smart money investors who consistently generate profits through strategic trades.
The value of Pepe (PEPE) tokens has experienced a significant surge, currently trading at $0.000008629. This reflects a 1.55% increase within the last 24 hours and a substantial 30.42% rise over the past week. This upward trend is supported by technical indicators such as the Relative Strength Index (RSI), which currently stands at 65.32, and PEPE’s trading position above its 200-day Exponential Moving Average (EMA), indicating sustained upward momentum.