Pepe Coin, the recent buzz around the crypto community, has defied all market expectations, soaring to unprecedented levels. The price of this frog-themed meme coin has sustained impressive upward momentum, rallying nearly 38% in the past seven days. This surge has injected a massive dose of market optimism into the coin as PEPE’s price once again reached a new ATH, following yesterday’s record-breaking $0.00001097.
Simultaneously, in the background of PEPE’s recent price rally, a whale was noted to have been making noteworthy profits. Here’s an in-depth report on recent whale data surrounding Pepe coin and its current market statistics.
Whale Makes Profit Despite Not Being Early PEPE Buyer
Contrary to the prevailing market narrative that early buyers and smart money addresses reaped massive profits from PEPE, a whale has managed to amass a staggering $13.9 million in just three months. As per the data unveiled by the on-chain analytics platform Spotonchain, the whale address 0xe7d0’s profits are nearing to be evaluated at $14 million amidst Pepe coin’s recent sustained pump.
Notably, the whale spent $1.56 million USDT to buy 1.40 trillion PEPE between December 2023 and February 2024. Subsequently, the whale sold 140.4 billion PEPE for 1.75 million DAI when the frog-themed coin hit an ATH yesterday, recovering the principal invested. Now, this address holds 1.26 trillion PEPE, worth $13.9 million, which is all accounted to be a profit.
Whereas, in the interim, Pepe coin hit a new ATH of $0.00001116. It’s worth noting that despite significant Pepe coin selloffs recorded, the token has borne the brunt of increased selling pressure and yet continued to pump.
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Pepe Coin Price Rallies 10%
While writing, PEPE’s price noted an uptick of 9.92% in the past 24 hours and is currently trading at $0.00001099. The token’s 24-hour trading volume skyrocketed 91.82% to $3.81 billion.
This price rally comes alongside a strong market uptrend for Pepe coin, as spotlighted by Coinglass data. PEPE’s OI (open interest) surged 11.98% to $120.11 million, followed by a derivatives volume spring of 24.06% to $2.52 billion. This underscores heightened market trading activity and increased investor interest in the asset, potentially driving Pepe coin’s price upswing.
Conversely, it’s also worth mentioning that the RSI inched more toward the overbought territory, resting at 75. This births market sentiments of a potential due correction or reversal in prices, although PEPE’s current market trends seem bullish.
Also Read: Fundstrat’s Tom Lee Tips Bullish Drive For Stocks
The post Pepe Coin: Whale Nabs 8x Profit As Price Sustains Momentum To New ATH appeared first on CoinGape.
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