PEPE’s Resurgence? Top Trader Who Made Millions Buys In Again
Release: 2024/08/29 14:24 Reading: 575
Pepe's Resurgence
The cryptocurrency market experienced a modest recovery on Thursday, following a sluggish start to the week. Pepe's price has risen by 2% today, bringing its current market cap to $3.3 billion. This marks a significant decline from May, when the third-largest meme coin (trailing only Dogecoin and Shiba Inu) reached a peak valuation of $7 billion.
A prominent Pepe trader has once again drawn attention with a bold display of confidence. This investor, known for their "diamond hands" strategy, recently invested 1.34 million USDC to acquire 173 billion Pepe tokens. This transaction is particularly noteworthy given the trader's previous success with Pepe.
On October 25, 2023, the same trader invested 200,000 USDC to purchase 170 billion Pepe tokens, as reported by LookOnChain. They held this position until July 25, 2024, when they sold their holdings for 1.97 million USDC, netting a profit of $1.77 million - an impressive 886% return on investment.
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Source: X/@lookonchain
The timing of these transactions is evident in Pepe's price chart, indicating the trader's entry point, exit, and recent re-entry into the market.
As a member of the Ethereum ecosystem, Pepe's performance is often tied to broader trends in the ETH market. An upward movement in Ethereum's price could potentially boost Pepe's value as well. Additionally, a resurgence of meme coin popularity could contribute to its growth.
Analysts suggest that Pepe's all-time high could be within reach in 2024, indicating a potential increase of over 2x from current levels, especially if the overall cryptocurrency market continues to strengthen.
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