Pepe coin is on a remarkable rally, hitting new all-time highs today. The price of PEPE surged by over 20%, catching the attention of traders. Amid this surge, a savvy trader unloaded 794 billion coins, triggering speculation about future movements.
Pepe coin, known for its unique frog-themed meme concept, has recently gained widespread attention in the crypto community. Despite market expectations, the token has experienced an unprecedented surge, with monthly gains exceeding 100%.
While the substantial price increase of Pepe coin has impressed many, on-chain data reveals that a strategic trader, identified as 0x843df, sold 201.85 billion PEPE tokens on the Bybit exchange, valued at $2.83 million. This move has led to discussions about whether the coin’s price has peaked.
Despite concerns raised by the trader’s profit-taking strategy, there are also speculations that the sell-off might indicate FOMO selling. The recent surge in Pepe coin’s price has fueled expectations of a potential correction.
However, amidst the speculation, data from Lookonchain shows that a significant amount of PEPE was withdrawn from Binance by wallet 0x8376. This series of transactions has stirred further discussion among crypto traders and investors.
Today, on May 22nd, Pepe coin witnessed a price surge of 21.82%, reaching $0.00001349. The token also achieved a new all-time high, reflecting strong market momentum. Data from Coinglass indicates a substantial increase in investor interest, with futures and options open interest rising by 37.56% to $163.46 million.
Moreover, derivatives volume surged by 74.07% to $2.58 billion, suggesting heightened market activity. While the Relative Strength Index (RSI) indicates strong bullish momentum at 73, it also suggests that the asset is overbought and may experience a correction in the future.
