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Pepe Coin Reaches New Milestone as Smart Money Moves 250.5 Billion PEPE Tokens
Pepe currency has emerged as one of the most promising cryptocurrencies in the meme coin space this year, recently reaching a new all-time high. Despite the turmoil in the broader cryptocurrency market, the coin has defied predictions by reaching new heights. According to CoinmarketCap statistics, PEPE reached an all-time high of $0.00001097 today, May 14.
PEPE Gains Momentum as Smart Money Traders Shuffle 250 Billion Tokens
Amid the significant upward momentum gained by the frog-themed meme token, PEPE seems to have emerged as a hot trend among Smart Money traders, experienced traders who typically earn huge profits by trading cryptocurrency, as per Coinape. On-chain data displayed on the market shows that approximately 250.5 billion PEPE are being mixed from smart money addresses as the token recently hit a new all-time high.
This has sparked a speculative frenzy among investors, who are betting on the meme coin’s ability to deliver future returns.
According to statistics from some on-chain analytics companies, 250.40 billion PEPPER has been traded in the last 24 hours. In particular, these transfers demonstrated the accumulation of Pepe currency and dumps by experienced money-in-hand traders.
A smart money, 0x37…, has accumulated 406.74 million PEPE on Binance, a renowned exchange. Another smart money address, 0x647…, transferred 250 billion PEPE to the same exchange.
It is worth noting that the address 0x647 accumulated PEPE just one day after the coin started. An initial raise of 475 billion PEPE was recorded with 0.51 ETH and the address has sold 468 billion PEPE to date for an ROI of 2084x. This address still has a significant amount of PEPE, worth 7.25 billion coins, which indicates that the investor expects the token to rise even higher.
While the accumulation of the aforementioned smart money 0x37 at a time when PEPE is already in a bull run increases optimism about further gains.
PEPE Price Rises 19.68% Amid Increased Trading Volume and Market Rally
Meanwhile, at the time of writing, PEPE price increased by 19.68% over the past 24 hours to reach $0.00001005. The 24-hour low and high are $0.00000831 and $0.00001097, respectively. By removing a zero from its value, the meme coin has accomplished a major feat, but questions remain about its ability to maintain this level.
PEPE’s significant purchases in recent days appear to have increased buying pressure on the frog-themed meme coin. In contrast, the coin’s 24-hour trading volume increased by 280.38% to $2.11 billion, pushing the token into a bullish phase.
Data from Coinglass supported this bullish trend, indicating a market rally for the Pepe currency with open interest rising 14.92% to $107.51 million, followed by a 235.45% increase in trading volume derivatives at $2.12 billion.
This data offers a relatively positive picture of PEPE at the time of writing, although speculation about a pullback is mainly due to the RSI around 70. The asset appears to be overbought, implying that a reversal or a correction.
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