The crypto market slowly started to bounced back on Thursday after a sluggish first part of the week. The PEPE price is up 2% today. Current market cap is $3.3 billion after the third largest meme coin (only behind DOGE and SHIB) peaked at around $7 billion in May.
In a striking display of confidence, a seasoned PEPE trader has once again caught our attention. This investor, known for their âdiamond handsâ approach, just spent 1.34 million USDC to acquire 173 billion PEPE tokens. What makes this move particularly noteworthy is the traderâs previous success with PEPE.
On October 25, 2023, this same trader invested 200,000 USDC to buy 170 billion PEPE tokens, as reported by LookOnChain.
He held onto this position until July 25, 2024. At that point, they sold their holdings for 1.97 million USDC, and made a profit of $1.77 million â an impressive 886% ROI.
The timing of these transactions is clearly visible on PEPEâs price chart, highlighting the traderâs entry point, exit, and recent re-entry into the market.
As part of the Ethereum ecosystem, PEPEâs performance is often tied to the broader trends in the ETH market. If Ethereumâs price begins to show upward movement, it could potentially drive PEPEâs value higher as well. Of course, meme coin mania would help here as well.
Some analysts suggest that breaking PEPEâs all-time high, which would require more than a 2x increase from current levels, could be within reach in 2024, especially if the overall crypto market continues to strengthen.
Read also: Best Crypto To Buy The Dip? Hint: Not PEPE or WIF
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