Pepe Coin (PEPE), the Ethereum-based meme coin, has taken the crypto meme sector by storm, reaching another all-time high of $0.00001422 on May 22, 2024.
The coin’s remarkable ascent, soaring over 26% in just 24 hours, has solidified its position as one of the market’s top performers.
TLDR
- Pepe Coin (PEPE) has reached an all-time high of $0.00001422 on May 22, 2024, soaring by over 26% in 24 hours.
- The surge is largely attributed to the mounting excitement surrounding the potential introduction of a spot Ether ETF.
- On-chain data reveals that at least three shrewd traders have executed lucrative trades, capitalizing on the influx of retail investment into the market.
- BlockTower Capital, an institutional investment firm, made waves with its calculated trade involving PEPE, transferring $2.8 million worth of 202 billion PEPE to Cumberland, resulting in a profit of $578,000.
As retail investors succumb to the Fear of Missing Out (FOMO), astute traders have seized the opportunity to bank millions.
On-chain data reveals that at least three shrewd traders have executed lucrative trades, capitalizing on the influx of retail investment into the market.
One early investor in PEPE made a strategic move by depositing their entire holdings of 182.9 billion PEPE, valued at $2.53 million, into a Finance account. This holding originated from a larger purchase of 324.9 billion PEPE garnered last year for a mere $462, resulting in a total profit exceeding $3.4 million.
An early buyer of $PEPE deposited all 182.9B $PEPE($2.53M) into #Binance 6 hours ago.
This guy spent 0.22 $ETH($462) to buy 324.9B $PEPE on Apr 15, 2023 and sold it all for $3.4M.
He was lucky enough to turn $462 into $3.4M, a gain of 7,368x!
Address:https://t.co/o4UcGKVHEh pic.twitter.com/zq03iGzcAe
— Lookonchain (@lookonchain) May 22, 2024
Institutional players have also taken notice of the PEPE market. BlockTower Capital, an institutional investment firm, made waves with its calculated trade involving PEPE.
The firm transferred $2.8 million worth of 202 billion PEPE to Cumberland, a prominent market maker facilitating liquidity for both institutional and retail trading.
This strategic maneuver coincided with PEPE’s price surpassing the $0.000014 mark, resulting in a tidy profit of $578,000 on a $2.22 million investment over six days.
2 hours ago, BlockTower Capital moved 202.2B $PEPE ($2.79M) to Cumberland for profits as the price soared by 25% to a new ATH!
If truly buying and selling now, the VC would make $569K (+25.6%) after only 7 days!
Follow @spotonchain and set alerts for the BlockTower Capital… pic.twitter.com/hKOgU90q7g
— Spot On Chain (@spotonchain) May 22, 2024
In the meme coin sector, Pepe’s market cap is currently 4x lower than Dogecoin’s, but there is still room for growth.
If Pepe catches up to Dogecoin, it could potentially see gains of up to 10x from its current price, reaching $0.00010.
The surge in PEPE’s price and heightened on-chain activity underscore the volatile nature of meme coins. While attracting both institutional and retail investors with the promise of substantial profits, it also introduces the possibility of abrupt reversals.
The derivative data reveals massive long additions, with open interest spiking over 34.77% to $164.88 million in the last 24 hours. However, the sudden drop in weighted sentiment signifies that profit-taking at the highs may occur shortly, as investors look to secure their gains.
Pepe Coin’s remarkable rally has captured the attention of the crypto community, with traders and investors alike eager to capitalize on the potential gains.
While the possibility of 100x gains in the short-term may be ambitious, the outlook for Pepe remains positive, driven by the anticipation of Ethereum ETF approvals and the coin’s positioning within the growing Ethereum ecosystem as one of the chosen meme coins for this cycle.
