Altcoin
Smart Money Offloads 118B PEPE With 11-Fold Returns, Has Price Maxed Out?
Pepe coin (PEPE) has nabbed significant investor attention once again, primarily with its market dynamics. On-chain data surfacing across the market today suggested that a smart money offloaded a whopping 118.5 billion PEPE to Kraken, a renowned crypto exchange. This transaction comes against the background of heightened turbulency encountered by the meme coin in the past 24 hours.
The smart money’s substantial transaction, occurring in the midst of a volatile market, has ignited discussions about the future price trajectory of Pepe coin.
Smart Money Dumps PEPE To Kraken
According to insights offered by EmberCN on X, the smart money address 0xC8Ab… offloaded 118.5 billion PEPE, worth $1.48 million, to Kraken. With this transaction, the smart trader realized an 11-fold return by HODLing PEPE for approximately seven months.
Notably, the trader withdrew 118.5 billion PEPE from the same exchange, entering the market in November last year amid a bearish movement. The purchase order evaluated only $0.13 million at that time.
However, the current worth is $1.48 million, underscoring the smart money’s strategic investment plans. Besides, with the transaction emerging today, broader sentiments appear to have taken a shift.
Smart Money addresses are highly experienced traders and their token dumps to exchanges are usually perceived as a bearish signal for future price movements. Meanwhile, PEPE price even traded in the negative territory, adding to speculations among market participants.
A recent report by CoinGape Media further shows increasing PEPE dumps to exchanges in recent days. This has pushed investors to feel the pressure.
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PEPE Price Fluxes
As of writing, the PEPE price saw a highly turbulent action, trading in both red and green territories over the past day to rest at $0.00001263. Its 24-hour bottoms and peaks are $0.00001207 and $0.00001269, respectively.
Coinglass data shows a 3.76% surge in PEPE’s Futures OI to $141.02 million, underlining increased investor interest. However, the derivatives volume dipped 35.85%, hinting at reduced market activity. This data further validates PEPE’s turbulent price movement today.
Simultaneously, it’s also worth noting that the monthly chart shows a 20.82% dip for Pepe coin, somewhat rationalizing the smart money’s dump to Kraken.
Besides, the RSI moved along the 53 mark, signaling broader neutrality for the asset. This paints an uncertain scenario for future price movements, although it is worth noting that the wider market sentiments remain optimistic about the meme coin’s long-term prospects.
Additionally, the recent emergence of PEPU, Pepe Coin Unchained, has glimmered hope for Pepe Coin’s future. Pepe Unchained is Pepe Coin’s L2, staging as the first meme coin L2 ever.
Also Read: Coinbase Files Lawsuit Against SEC, FDIC Over Debanking Crypto Firms
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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