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Smart money flocks to PEPE and these top cryptocurrencies, a recovery ahead?
Amid ongoing market turbulence, a glimmer of hope emerges for crypto investors as Pepe Coin, along with other major cryptocurrencies, attracts the attention of smart money players. Despite the recent recession in the broader sector crypto marketthe resurgence in Pepe Coin’s price has sparked optimism among investors, sparking discussions about a possible recovery.
However, in a context of macroeconomic uncertainty, the shift in focus to Pepe Coin and other selected cryptocurrencies signals a strategic move by investors amid volatile trading conditions.
Smart Money accumulates Pepe and other cryptocurrencies
Recent insights from on-chain transaction tracking platform Lookonchain shed light on smart money investment strategies, highlighting a notable allocation to Pepê Currency, along with Fantom (FTM) and Maker (MKR). Notably, the disclosure of significant investments in these assets highlights a calculated bet on the potential appreciation of selected cryptocurrencies amid market uncertainty.
O altcoins favored by intelligent investors generated discussions in the market. Meanwhile, Lookonchain’s insight highlighted that the smart money, with $23.3 million in assets, recently acquired Maker (MKR), Fantom (FTM), and Pepe Coin (PEPE).
For Fantom, the investor spent 726 ETH, approximately $2.26 million, purchasing 3.18 million FTM on May 7. Previous trades involved buying 3.39 million FTM for $1.13 million and selling it for $2.8 million, earning about $1.67 million.
Simultaneously, on Maker, $1.25 million was used to purchase 464 MKR at $2,697 and 379 ETH, worth $1.22 million, was used to purchase 428 MKR at $2,846. Additionally, smart money invested $558,000 to acquire 70 billion PEPE on May 8. These movements provide valuable insights into the altcoin market, indicating trends and preferences among smart investors.
Source: Lookonchain, X
Price and Performance Amid Recovery Signal
The smart money’s strategic move suggests an optimistic outlook on Pepe Coin’s future performance despite recent market volatility. Notably, the inclusion of Pepe Coin alongside Fantom (FTM) and Maker (MKR) in smart money wallets indicates a judicious approach towards cryptocurrency investments.
As investors seek refuge from the unpredictability of traditional markets, the allure of digital assets with solid fundamentals and growth potential becomes increasingly evident. While the cryptocurrency volatility persists, strategic capital allocation to Pepe Coin and other selected cryptocurrencies signals confidence in their resilience and long-term value proposition.
Meanwhile, at the time of writing, the Pepe Coin Price rose 1.27% and traded at $0.000008713, while its trading volume rose 11% to $837.59 million. On the other hand, CoinGlass data showed that the Pepe Coin Open Interest also rose 4.36% to 98.26 million. The increase in OI also signals bullish sentiment in the market during the meme coin.
On the other hand, the Manufacturer price fell 1.03% to US$2,693.57, while the Phantom price fell 1.01% to $0.7271.