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Pepe Coin Whales Shift 794B PEPE Sparking Price Speculation, What’s Next?
Pepe coin, a unique frog-themed meme coin, has recently caught the attention of the global crypto community with its remarkable performance. Defying broader crypto market expectations, the token has reached unprecedented levels, marking a significant bull run with monthly gains exceeding 100%.
Amidst this remarkable price increase trajectory embarked on by the Pepe coin, network data emerging on the market illustrated that a smart trader transferred almost 202 billion PEPE to a crypto exchange. This transaction sparked sentiments that the Pepe coin price may have potentially risen.
However, market statistics seem to paint an optimistic picture for the upcoming frog-themed meme token.
Smart money unloads PEPE amid rising prices, generating speculation
According to insights released by on-chain analytics platform Lookonchain, smart trader 0x843df offloaded 201.85 billion PEPE, worth $2.83 million, to cryptocurrency exchange Bybit to take profits. Notably, this trader traded PEPE 3 times with an impressive 100% win rate.
This smart trader’s success rate has raised concerns about the coin’s potential to fail to advance. Meanwhile, additional speculation is also prevalent that the sell-off is a signal of trader FOMO selling.
As mentioned above, Pepe coin has defied all market expectations, reaching unthinkable levels in recent days. This also sparked market sentiment that the currency could undergo a correction.
On the other hand, a whopping 592 billion PEPE was withdrawn from Binance via wallet 0x8376, according to data from Lookonchain. Collectively, the occurrence of these transactions together echoed a speculative buzz among crypto market traders and investors.
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PEPE price rises 20%, what’s next?
Considering that today, May 22nd, PEPE price the trajectory showed gains of 21.82% in the last 24 hours, reaching US$0.00001349. The token’s 24-hour lows and highs are $0.00001094 and $0.00001422, respectively.
It is important to note that the token also climbed a new ATH today, which is the same as its 24-hour high. Meanwhile, data from Coinglass further underlined a strong bullish market trend for Pepe coin to date.
PEPE Futures and Options OI increased by 37.56% to US$163.46 million, followed by an increase in derivatives volume of 74.07% to US$2.58 billion. This data suggested strong investor interest in the asset, followed by a substantial increase in market activity.
Meanwhile, the RSI hovered at 73, further reflecting PEPE’s strong upward momentum. However, it also signals that the asset is overbought and may need a correction in the future.
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