Smart Money Makes an Impressive Exit: Dumped 118 Billion PEPE with 11-Fold Returns
Pepe coin (PEPE) has recently garnered significant attention from investors due to its market dynamics. On-chain data has revealed that a substantial amount of 118.5 billion PEPE was dumped to Kraken, a prominent crypto exchange, by smart money. This transaction took place amidst increased volatility experienced by the meme coin in the past 24 hours.
Smart Money Offloaded PEPE to Kraken
The significant transaction by smart money has sparked discussions regarding the future price trajectory of Pepe coin. According to post on X from EmberCN, the smart money address 0xC8Ab… dumped 118.5 billion PEPE, valued at $1.48 million, to Kraken. This resulted in an 11-fold return for the smart trader who had been holding PEPE for approximately seven months.
It is noteworthy that the same trader had initially purchased 118.5 billion PEPE from the same exchange back in November, during a bearish movement, for only $0.13 million. The current value of this holding at $1.48 million underscores the strategic investment planning by the smart money. This transaction has also had an impact on market sentiment.
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The Smart Money addresses are typically associated with highly experienced traders, and their token dumps to exchanges are often seen as bearish signals for future price movements. The PEPE price has also shown negative movement, further fueling speculations among market participants.
PEPE Market Performance
At present, the PEPE price has displayed highly turbulent action, fluctuating between red and green territories over the past day before settling at $0.00001263. The 24-hour lowest and highest points were $0.00001207 and $0.00001269, respectively.
Data from Coinglass has shown a 3.76% surge in PEPE’s Futures Open Interest (OI) to $141.02 million, highlighting elevated investor interest. However, the derivatives volume has decreased by 35.85%, indicating reduced market activity. This data aligns with the turbulent price movement of PEPE today.
Furthermore, the monthly chart reflects a 20.82% decline for Pepe coin, partly rationalizing the smart money’s dump to Kraken. The Relative Strength Index (RSI) hovering around the 53 mark suggests broader neutrality for the asset, contributing to an uncertain scenario for future price movements.
However, it’s important to note that broader market sentiment remains optimistic about the long-term prospects of the meme coin. Additionally, the recent introduction of PEPU, Pepe Coin Unchained, has brought hope for the future of Pepe Coin, as it is Pepe Coin’s L2, serving as the first meme coin L2 ever.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
