Pepe Coin surged over 26% to a new all-time high of $0.00001422, becoming a top market performer.
Pepe Coin (PEPE), an Ethereum-based meme coin, has surged in popularity within the cryptocurrency meme sector, attaining an additional peak of $0.00001422 on May 22, 2024.
The coin’s extraordinary ascent—more than 26% in less than twenty-four hours—has established it as one of the market’s top performers.
In light of the Fear of Missing Out (FOMO) among retail investors, savvy speculators have capitalized on the situation to amass millions of dollars.
According to on-chain data, at least three astute traders have successfully executed profitable transactions, taking advantage of the increased retail investment in the market.
An early adopter of PEPE executed an astute maneuver by transferring their complete holdings, amounting to 182.9 billion PEPE and valued at $2.53 million, into a Finance account. This holding was acquired for $462 of a larger quantity of 324.9 billion PEPE last year; as a result, a total profit in excess of $3.4 million was generated.
An early buyer of $PEPE deposited all 182.9B $PEPE($2.53M) into #Binance 6 hours ago.
This guy spent 0.22 $ETH($462) to buy 324.9B $PEPE on Apr 15, 2023 and sold it all for $3.4M.
He was lucky enough to turn $462 into $3.4M, a gain of 7,368x!
Address:https://t.co/o4UcGKVHEh pic.twitter.com/zq03iGzcAe
— Lookonchain (@lookonchain) May 22, 2024
Additionally, institutional investors have become aware of the PEPE market. The institutional investment firm BlockTower Capital caused a stir with its astute PEPE trade.
The company transferred 202 billion PEPE valued at $2.8 million to Cumberland, a prominent market maker that facilitates retail and institutional liquidity.
The implementation of this strategic maneuver occurred concurrently with the price of PEPE exceeding $0.000014, yielding a substantial profit of $578 thousand on a $2.22 million investment spanning six days.
2 hours ago, BlockTower Capital moved 202.2B $PEPE ($2.79M) to Cumberland for profits as the price soared by 25% to a new ATH!
If truly buying and selling now, the VC would make $569K (+25.6%) after only 7 days!
Follow @spotonchain and set alerts for the BlockTower Capital… pic.twitter.com/hKOgU90q7g
— Spot On Chain (@spotonchain) May 22, 2024
Pepe’s present market capitalization is four times that of Dogecoin, but the meme coin has room for expansion.
If Pepe were to surpass Dogecoin, its price could potentially increase by a factor of ten, ultimately reaching $0.00010.
The increased on-chain activity and price volatility of PEPE highlight the highly unpredictable characteristics of meme currencies. Although they may entice both retail and institutional investors with the promise of significant returns, they also present the potential for sudden reversals.
Significant long additions have occurred in the last twenty-four hours, as open interest has increased by more than 34.77% to $164.88 million, according to derivative data. Nevertheless, the abrupt decline in weighted sentiment indicates that investors may soon engage in profit-taking at the peaks in an effort to preserve their gains.
The crypto community is intrigued by Pepe Coin’s extraordinary rally, and traders and investors are anxious to seize the opportunity for profit.
Although the potential for short-term gains of 100x may seem ambitious, Pepe maintains a positive outlook due to the anticipation surrounding the approval of Ethereum ETFs and the coin’s positioning as one of the selected meme coins for this cycle within the expanding Ethereum ecosystem.
