Pepe coin continues to shine brightly in the meme coin sphere, with 250.5 billion PEPE tokens on the move as the token hits a new all-time high (ATH).
Pepe coin has emerged as a standout performer in the meme coin market this year, recently reaching a new ATH once again. Despite the ups and downs of the broader crypto market, this token has defied expectations, surging to unprecedented levels.
In the midst of this impressive upward trajectory of the frog-themed meme token, PEPE has caught the attention of Smart Money traders, experienced investors known for making significant profits in the crypto market. On-chain data reveals that nearly 250.5 billion PEPE tokens have been shuffled by smart money addresses, coinciding with the token’s recent ATH.
This surge in activity has sparked speculation among investors, who are eyeing potential future gains from the meme coin.
Smart Money Addresses Engage with Pepe Coin: Here’s the Scoop
According to data from on-chain analytics platforms, approximately 250.40 billion PEPE tokens were moved in the past 24 hours, indicating accumulation and selling activities by smart money traders.
One such smart money address, 0x37…, was observed accumulating 406.74 million PEPE tokens from Binance, a leading exchange, while another address, 0x647…, unloaded a substantial 250 billion PEPE tokens onto the same exchange.
Interestingly, address 0x647 accumulated PEPE shortly after the coin’s launch, initially acquiring 475 billion PEPE tokens along with 0.51 ETH. Despite selling off a significant portion since then, this address still holds a considerable amount of PEPE tokens, suggesting confidence in the token’s potential for further gains.
Meanwhile, address 0x37’s accumulation during a bullish phase for PEPE adds to optimism regarding future potential gains.
PEPE’s Price Hits New Highs
As of now, PEPE’s price has surged by 19.68% in the past 24 hours, reaching $0.00001005. The coin’s price fluctuated between $0.00000831 and $0.00001028 within the same period, marking a significant milestone by shedding a zero from its value. However, questions linger about its ability to maintain this level.
Recent substantial buying activity for PEPE has exerted considerable upward pressure on the meme token. Additionally, the coin’s 24-hour trading volume surged by 280.38% to $2.11 billion, indicating a bullish trend.
Coinglass data further supports this bullish sentiment, highlighting an uptrend in the market for Pepe coin as open interest surged by 14.92% to $107.51 million, accompanied by a significant increase in derivatives volume to $2.12 billion. While these indicators paint an optimistic picture for PEPE, concerns about a potential correction arise, primarily due to the RSI hovering at 70, indicating overbought conditions and suggesting the possibility of a reversal or correction in the near future.
