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Pepe Coin Reaches New ATH as Smart Moneys Changes 250.5B PEPE, What’s Next?
Pepe coin has emerged as one of the most promising cryptocurrencies in the meme coin sector this year, recently reaching a new ATH again. The token has defied crypto market expectations, reaching unprecedented heights despite broader market turmoil. According to data from CoinmarketCap, PEPE reached an ATH of $0.00001097 today, May 14th.
In the midst of this substantial upward momentum obtained by frog themed meme token, PEPE also appears to have emerged as a hot trend among Smart Money traders, experienced traders who often make considerable profits trading crypto. On-chain data emerging in the market shows nearly 250.5 billion PEPE shuffled across smart money addresses amid the token’s recent arrival at a new ATH.
This has sparked a wave of speculation among investors, who are speculating on the meme coin’s potential to offer gains in the future.
Smart Money Tackles Shuffle Pepe Coin: Here’s Everything to Know
According to data revealed by some on-chain analysis platforms, it was pointed out that 250.40 billion PEPE were moved in the last 24 hours. Notably, these transfers showed accumulations and dumps of Pepe coins by smart money traders.
Smart money, 0x37…, was observed to have accumulated 406.74 million PEPE from Binance, one of the world’s leading exchanges. On the other hand, another smart money address, 0x647…., offloaded a whopping 250 billion PEPE to the same exchange.
It is worth mentioning that the address 0x647 accumulated PEPE just one day after the coin’s launch. An initial accumulation of 475 billion PEPE was recorded with 0.51 ETH, with the address selling 468 billion PEPE to date with an ROI of 2,084x. This address still contains considerable amounts of PEPE, worth 7.25 billion coins, suggesting the investor believes the token could rise even higher.
Considering that the accumulation of the aforementioned smart money 0x37, at a time when PEPE is already on a bull run, increases optimism about potential future gains.
Read too: Crypto Prices Today, May 14: Bitcoin Surpasses $62K, Ethereum and Altcoins Mirror Sentiment
PEPE Prices Rise to New ATH
Meanwhile, at the time of writing, PEPE Price is up 19.68% in the last 24 hours and is currently at $0.00001005. The 24-hour lows and highs are $0.00000831 and $0.00001097, respectively. By eliminating the zero from its value, the meme coin has achieved a monumental achievement, although there is speculation about whether it can maintain this level.
Significant Purchase of PEPE the past few days appears to have brought considerable buying pressure on the frog-themed meme token. Considering the coin’s 24-hour trading volume skyrocketed further by 280.38% to $2.11 billion, pushing the token into a bullish stage.
Data from Coinglass added to this increase, signaling a bullish market trend scenario for Pepê Currency as open interest increased by 14.92% to $107.51 million, followed by an increase in derivatives volume by 235.45% to $2.12 billion. This data paints a highly bullish scenario for PEPE so far, although there is speculation of a correction mainly attributed to the RSI hovering at 70. Suggesting that the asset is overbought, a potential reversal or correction can be expected in the future.
Read too: Meme Coin Party Begins After GameStop Rally and Adds $5 Billion to Index