Smart Money Offloads 118B PEPE With 11-Fold Returns, Has Price Maxed Out?
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Pepe coin (PEPE) has nabbed significant investor attention once again, primarily with its market dynamics. On-chain data surfacing across the market today suggested that a smart money offloaded a whopping 118.5 billion PEPE to Kraken, a renowned crypto exchange. This transaction comes against the background of heightened turbulency encountered by the meme coin in the past 24 hours. The smart money’s substantial transaction, occurring in the midst of a volatile market, has ignited discussions about the future price trajectory of Pepe coin. Smart Money Dumps PEPE To Kraken According to insights offered by EmberCN on X, the smart money address 0xC8Ab… offloaded 118.5 billion PEPE, worth $1.48 million, to Kraken. With this transaction, the smart trader realized an 11-fold return by HODLing PEPE for approximately seven months. Notably, the trader withdrew 118.5 billion PEPE from the same exchange, entering the market in November last year amid a bearish movement. The purchase order evaluated only $0.13 million at that time. However, the current worth is $1.48 million, underscoring the smart money’s strategic investment plans. Besides, with the transaction emerging today, broader sentiments appear to have taken a shift. Smart Money addresses are highly experienced traders and their token dumps to exchanges are usually perceived as a bearish signal for future price movements. Meanwhile, PEPE price even traded in the negative territory, adding to speculations among market participants. A recent report by CoinGape Media further shows increasing PEPE dumps to exchanges in recent days. This has pushed investors to feel the pressure. Also Read: Bitcoin Inflows: Will BTC DIP Below $60k Again? PEPE Price Fluxes As of writing, the PEPE price saw a highly turbulent action, trading in both red and green territories over the past day to rest at $0.00001263. Its 24-hour bottoms and peaks are $0.00001207 and $0.00001269, respectively. Coinglass…
Filed under: News - @ June 27, 2024 9:08 pm