The PEPE token has long stood out as a leading asset among meme coins that yield high returns. Despite the challenges faced by PEPE coin’s price performance, it has provided significant returns to crypto traders. Recently, one trader showcased this token’s high profit potential by earning an impressive $11.7 million.
Significant Profit During Declining Trend
According to Lookonchain, a popular analysis platform, a crypto trader achieved extraordinary returns with PEPE Coin. Intriguingly, all these gains occurred during a period when the PEPE token was experiencing a downturn. The trader capitalized on a significant drop in PEPE’s price, selling the millions of units they held after the token reached its peak value of $0.00002825 about three weeks ago.
This sale allowed the trader to secure a profit of $11.7 million. Had the trader not missed the all-time high (ATH), the profits could have been even greater. Nevertheless, the price performance of PEPE Coin has enabled traders to reap substantial rewards. The trader continues to accumulate more PEPE, spending $24.5 million last week to acquire 1.42 trillion PEPE, furthering their journey to profit with this frog-themed meme coin.
Technical Indicators and Future Expectations for PEPE Token
PEPE Coin has become one of the most profitable meme coins with consistent gains since the beginning of the year. Throughout the year, it has reached multiple all-time highs, with the most recent peak occurring 19 days ago. However, shortly after this peak, a decline began, and PEPE’s price dropped by 35%, currently trading at $0.00001829. There has been a 4% increase in price over the last 24 hours.
This decline coincided with rising investor interest. PEPE’s trading volume has reached $2.13 billion, indicating heightened investor activity and significant buying by large holders. Furthermore, technical indicators point to a strong buying zone, potentially allowing PEPE’s price to recover from this stagnation and rise again.
Looking at the performance of meme-themed cryptocurrencies, many crypto investors remain optimistic about achieving high returns. The year 2024 is shaping up to be significant for meme coins, and users may consider purchasing such assets after conducting thorough technical analysis and market research. Currently, PEPE Coin continues to gain strength on the charts after reaching its ATH a few weeks ago.
It remains to be seen whether the PEPE token will continue to benefit investors or struggle against market downturns.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
