Memes are back, with Pepe (PEPE) emerging as a frontrunner in this crypto-niche. The frog-themed meme coin, built on the Ethereum blockchain, has recently achieved a significant milestone by reaching an all-time high, with its market capitalization approaching $5 billion.
This impressive growth has solidified PEPE’s position as the third-largest meme coin, trailing behind Shiba Inu (SHIB) and Dogecoin (DOGE).
TLDR
- Pepe (PEPE) has reached an all-time high, with its market capitalization nearing $5 billion.
- PEPE is now the third-largest meme coin, behind Shiba Inu (SHIB) and Dogecoin (DOGE).
- A strategic investor known as “Smart Money” made a $14 million profit with a 943% ROI on their PEPE investment.
- PEPE’s price has risen by nearly 12% in the last 24 hours, trading at $0.0000113, supported by a 91.82% increase in trading volume.
- PEPE is outpacing other meme coins and could potentially rally towards the $0.0000125 level in the near term.
PEPE’s success can be attributed to several factors, including support from prominent figures in the crypto community and the listing of the token on major exchanges such as Binance, Coinbase, OKX, Bybit, and Bitget.
The coin’s rapid ascent has not only attracted the attention of retail investors but has also provided an opportunity for savvy traders to generate substantial profits.
One notable example is a strategic investor known as “Smart Money,” who capitalized on PEPE’s remarkable rise. According to blockchain analytics platform Lookonchain, Smart Money invested $1.56 million USDT to acquire 1.40 trillion PEPE between December 2023 and February 2024.
By selling a portion of their holdings during a recent price surge, Smart Money realized a profit of $1.57 million, effectively recovering their initial investment while still maintaining a significant stake of 1.26 trillion PEPE, valued at around $14 million. This strategic move resulted in an impressive return on investment (ROI) of 943%.
A $PEPE smart money started selling part of $PEPE at a profit.
He bought $PEPE almost every day from Dec 1, 2023 to Feb 12, 2024, spending a total of $1.49M to buy 1.4T $PEPE.
14 hours ago, he sold 140B $PEPE(10% of total position) for $1.57M.
He currently holds 1.26T $PEPE… pic.twitter.com/ThWLwZUQgf
— Lookonchain (@lookonchain) May 15, 2024
PEPE’s recent price rally has been accompanied by a significant increase in trading volume, reflecting growing interest and activity in the meme coin.
In the last 24 hours, PEPE’s price has risen by nearly 12%, trading at $0.0000113, supported by a 91.82% surge in trading volume to $3.81 billion.
Additionally, the coin’s open interest (OI) and derivatives trading have shown strong activity, with OI rising by almost 12% to $120.11 million and derivatives volume increasing by 24.06% to $2.52 billion.
Despite the impressive performance, investors should exercise caution when dealing with meme coins like PEPE, as they are inherently volatile and can lead to substantial losses.
The Relative Strength Index (RSI) for PEPE has reached 75, indicating that the coin may be entering overbought territory, which could signal a potential pullback or price reversal if buying pressure slows down.
