Memecoin Traders Made $2M Profits in Pepecoin ($PEPE) Price Rally
Release: 2024/02/28 10:54 Reading: 561
The post Memecoin Traders Made $2M Profits in Pepecoin ($PEPE) Price Rally appeared first on Coinpedia Fintech News
The PEPE meme coin has marked an incredible surge today, with the $PEPE token witnessing a remarkable 60% increase in its price within 24 hours. Renowned crypto analytics firm Lookonchain reported significant profit-taking activities as investors capitalized on this sudden rally.
PEPE’s Surges Over 60%
With the Massive Surge in Pepecoin price, Lookonchain’s recent analysis revealed notable wallet activities, indicating substantial profit-taking maneuvers by savvy investors.
Six wallets seized the opportunity and sold 1.98 trillion $PEPE tokens, amounting to a staggering $4.37 million. The total profit generated from these transactions amounted to approximately $2 million, showcasing the lucrative nature of $PEPE’s recent rally.
One specific wallet, identified as “0xa145,” deposited a substantial amount of $PEPE tokens, totaling 486.72 billion, amounting to a staggering $1.04 million single-handedly, to Binance. This strategic move resulted in a swift profit of around $515,000, marking an impressive 97% gain within six hours.
Furthermore, five wallets, potentially linked to the same individual, collectively deposited 1.5 trillion $PEPE tokens, equivalent to $3.3 million to Binance. This strategic move resulted in a substantial profit of $1.49 million, reflecting an 82% increase.
Market Dynamics And Potential Reasons Behind Surge
Pepe token’s recent single-day surge has set it apart from other popular meme coins. While Dogecoin and Shiba Inu managed modest gains of 1.85% and 11.11%, Pepe’s outlier pump propelled its price to approximately $0.00000228.
This surge has brought the token closer to a key resistance level in play since last July. A successful break and close above this barricade, at around $0.00000159, was expected to pave the way for Pepe to surge by 20%, targeting its 2022 high of around $0.00000189.
Recent on-chain data reveals a surge in active wallet addresses interacting with the Pepe network, marking an 85% spike in just four days last week, and a 60% surge in 24 hours. The number of large “whale” transactions involving sums above $500,000 and $1 million worth of $PEPE coins, has also triggered today’s surge over 60%.
What’s Next?
With Pepe outpacing other meme coins this week and skyrocketing beyond 60%, analysts speculate that the token could target its all-time high market cap of around $1.8 billion. Achieving this would necessitate a parabolic 10x price surge from its current levels.
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