Pepe Coin: Smart Money Offloads 118B PEPE With 11-Fold Returns, Has Price Maxed Out?
Release: 2024/06/27 22:39 Reading: 354
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=204737
Pepe Coin (PEPE): Smart Money Divests, Triggering Speculation
Pepe coin (PEPE) has once again garnered investor attention due to notable market activity. On-chain data reveals that a sophisticated investor recently transferred a significant amount of 118.5 billion PEPE to Kraken, a leading cryptocurrency exchange.
This transaction follows recent market volatility for the meme coin. The smart money's substantial divestment amid market fluctuations has sparked discussions regarding the potential price trajectory of Pepe coin.
Smart Money Dumps PEPE on Kraken
According to data from EmberCN, a blockchain analytics firm, a smart money address (0xC8Ab...) transferred 118.5 billion PEPE, valued at $1.48 million, to Kraken. This transaction marks an 11-fold return for the investor, who had acquired the PEPE tokens approximately seven months ago.
The initial purchase, made in November 2022, was valued at $0.13 million. The current value of the tokens, $1.48 million, highlights the strategic investment strategy employed by the smart money address.
The recent transaction has prompted a shift in market sentiment. Smart money addresses typically possess considerable market experience, and their decision to sell large amounts of tokens is often interpreted as a bearish indicator for future price movements.
Furthermore, the price of PEPE has recently dipped into negative territory, adding to the speculation among market participants. A recent report by CoinGape Media also indicates an increase in PEPE divestments to exchanges in recent days, exacerbating investor concerns.
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