Against the backdrop of a highly volatile price movement illustrated by Pepe coin in the past 24 hours, a smart money’s strategic move to accumulate colossal amounts of PEPE has propelled a flurry of optimistic thoughts on the frog-themed meme token’s price movements ahead. Already riding a bullish market trend with a nearly 20% weekly price rally, Pepecoin has set the stage for a storm of speculations, including the potential to reach the highly optimistic level of $0.00001 in the near future.
With a multitude of bullish factors for Pepe coin looming on the crypto horizon, the frog-themed meme token reflects immense optimism and promises potential gains for investors. Here’s an in-depth report on these factors.
PEPE Accumulations Burgeon Injecting Optimism
Notably, per insights streamlined by Lookonchain, a blockchain analytics platform, a PEPE smart money was noted to be allocating 1.26 million USDC to buy a staggering 142.96 billion PEPE at the price of $0.000008831 today, May 6. This smart money, going by the address 0x2db3fb.., has nabbed significant attention with its accumulation as its trading record illustrates quirky investments, with an attention-grabbing 85.7% win rate, indicating a high success rate in its trading strategy.
The smart address traded PEPE 7 times over the past six months, 6 of which were profitable. Jotting down gains worth $915K with past PEPE accumulations, today’s buying has further sparked an optimistic buzz surrounding the token’s future price movements.
Meanwhile, numerous reports by CoinGape Media recently spotlighted a substantial increase in cryptocurrency whales purchasing Pepe coin as a part of their strategic investments. This, collectively, paves the road for a potential bullish rally for PEPE in the future, underscoring large-scale and strategic investors’ confidence in the asset’s promising prospects.
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PEPE Price Rally To Continue?
As of writing, PEPE’s price has increased by 0.82% in the past 24 hours and currently stands at $0.000008565. Its 24-hour lows and highs are $0.000008285 and $0.000008817, respectively, with the token trading in both red and green territories over the past day.
However, Coinglass data illustrated a 3.19% increase in the token’s open interest, reaching $94.28 million, adding to its optimistic stand. A recent analysis of PEPE’s price movements by CoinGape Media further draws attention to the formation of an inverted head and shoulders pattern, a bullish pattern on the token’s chart.
Collectively, this paves the road for PEPE to scale the highly optimistic level of $0.00001 ahead, although short-term volatility may be expected in tandem with broader market trends. Besides, it’s also worth adding that a post-BTC halving rally is yet to kick in, with PEPE being one of the potential meme coins mimicking BTC’s price movements.
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The post Pepe Coin: Smart Money Buys 143 Bln PEPE, $0.00001 On The Horizon? appeared first on CoinGape.
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