Pepe Coin [PEPE], the Ethereum-based meme coin, has captured the attention of the crypto-verse with its remarkable ascent. It managed to hit an unprecedented high of $0.00001422 on May 22, 2024. Within a mere 24 hours, it soared by over 26% solidifying its position as one of the market’s top performers. This surge is largely attributed to the mounting excitement surrounding the potential introduction of a spot Ether ETF, igniting fervor and driving up prices, particularly in meme coins like PEPE.
Whales Seize the Opportunity
As retail investors succumb to the Fear of Missing Out [FOMO], astute traders have seized the opportunity. On-chain data reveals that at least three shrewd traders have executed lucrative trades, capitalizing on the influx of retail investment into the market.
An 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. In total, this savvy investor realized profits going beyond $3.4 million.
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Institutional Play in 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.
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. Whether this trend persists or leads to a reversal remains a pivotal question.
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