Pepe Coin, a rising star in the meme crypto market, has defied all expectations with a significant surge in value, showcasing a 12% surge with a PEPE coin trading at $0.00001136. Simultaneously, in the background of PEPE’s recent price rally, a whale known as Smart Money was noted to have been making profits of $14M with the ROI as high as 943%.
$Million Profit-Taking Strategy
Lookonchain, a prominent blockchain analytics platform, has revealed intriguing insights into the success story of a strategic investor known as Smart Money” who capitalized on Pepe Coin’s remarkable rise.
Earlier reports from Coinpedia detailed that the whale, known as Smart Money, spent $1.56 million USDT to acquire 1.40 trillion PEPE between December 2023 and February 2024.
In a recent development, SMART MONEY took advantage of their earlier investment in Pepe Coin by selling 140 billion coins, equivalent to 10% of their total holdings during a surge in Pepe Coin’s price, and reaped a substantial profit of $1.57 million from this transaction, effectively recovering the principal invested amount.
Meanwhile, this strategic move resulted in an impressive return on investment (ROI) of 943%, highlighting the success of SMART MONEY’s Pepe Coin investment. Despite selling a portion of their coins, SMART MONEY still holds a significant stake of 1.26 trillion Pepe Coins, valued at around $14 million.
PEPE Technical Analysis
Looking at the market data from Coinglass, we also see strong activity in Pepe Coin’s open interest (OI) and derivatives trading. The OI rose by almost 12% to $120.11 million, while derivatives volume shot up by 24.06% to $2.52 billion. These numbers indicate growing interest and activity in Pepe Coin.
However, it’s important to note that the Relative Strength Index (RSI) has reached 75, signaling that Pepe Coin is entering overbought territory. This suggests a potential for a pullback or price reversal if buying slows down.
As of now, Pepe Coin’s price has risen by nearly 12% in the last 24 hours, now trading at $0.0000113. This price increase was supported by a big jump in trading volume, which surged by 91.82% to $3.81 billion.
