Pepe coin, a unique frog-themed meme coin, has recently captured the attention of the global crypto community with its remarkable performance. Defying the broader crypto market’s expectations, the token has surged to unprecedented levels, marking a significant bull run with monthly gains exceeding 100%.

Amid this remarkable rising price trajectory embarked upon by Pepe coin, on-chain data surfacing within the market illustrated that a smart trader offloaded nearly 202 billion PEPE to a crypto exchange. This transaction has sparked sentiments that Pepe coin’s price may have potentially topped.

Nonetheless, market statistics appear to contrastingly paint an optimistic picture for the frog-themed meme token ahead.

Smart Money Offloads PEPE Amid Price Rally, Sparking Speculations

According to insights unveiled by the on-chain analytics platform Lookonchain, the smart trader 0x843df offloaded 201.85 billion PEPE, worth $2.83 million, to the Bybit crypto exchange to take profits. Notably, this trader has traded PEPE 3 times with a staggering 100% win rate.

The success rate of this smart trader has raised concerns over the coin’s potential to not pump ahead. Meanwhile, additional speculations that the selloff is a sign of FOMO selling by the trader also prevail.

As mentioned above, Pepe coin has defied all market expectations, rallying to unthinkable levels in recent days. This has also stirred market sentiments that the coin may be due for a correction. Collectively, the occurrence of these sentiments in tandem has echoed a speculative buzz among crypto market traders and investors.

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PEPE Price Rallies 20%, What’s Next?

Whereas, today, May 22, PEPE’s price trajectory showcased gains worth 21.82% in the past 24 hours, standing at $0.00001349. The token’s 24-hour lows and highs are $0.00001094 and $0.00001422, respectively.

It’s worth noting that the token also scaled a new ATH today, being the same as its 24-hour high. Meanwhile, Coinglass data further underlined a strong market uptrend for Pepe coin at press time.

PEPE’s Futures & Options OI surged 37.56% to $163.46 million, followed by a derivatives volume upsurge of 74.07% to $2.58 billion. This data hinted at strong investor interest in the asset, followed by a substantial increase in market activity.

Meanwhile, the RSI hovered at 73, further mirroring PEPE’s strong bullish momentum. However, it also signals that the asset is overbought, and may be due for a correction in the future.

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The post Pepe Coin: Smart Trader Sells 202B PEPE To Nab Profits, More Steam Left? appeared first on CoinGape.

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Filed under: News - @ May 22, 2024 6:15 am