Today, the PEPE meme coin experienced a remarkable surge, with its $PEPE token jumping up by an impressive 60% in just 24 hours.
According to the well-known crypto analytics firm Lookonchain, there were substantial profit-taking actions as investors took advantage of this sudden price rally.
Notable Profit-Taking in Pepecoin’s Surge
Amidst the massive surge in Pepecoin’s price, Lookonchain’s recent analysis uncovered significant wallet activities, revealing substantial profit-taking maneuvers by savvy investors.
The price of $PEPE has increased by more than 60% today!
6 wallets sold 1.98T $PEPE($4.37M) to take profits, with a total profit of ~$2M.
Wallet"0xa145" deposited 486.72B $PEPE($1.04M) to #Binance 6 hours ago, making ~$515K (+97%).https://t.co/RyJqmGu1At
5 wallets (possibly… pic.twitter.com/rulYxYE4W5
— Lookonchain (@lookonchain) February 27, 2024
Six wallets took advantage of the opportunity, collectively selling 1.98 trillion $PEPE tokens, amounting to an astounding $4.37 million. The total profit from these transactions reached approximately $2 million, underscoring the profitability of $PEPE’s recent rally.
One specific wallet, identified as “0xa145,” made a strategic move by depositing a sizable amount of $PEPE tokens totaling 486.72 billion to Binance, equivalent to a staggering $1.04 million. This move resulted in a swift profit of around $515,000, marking an impressive 97% gain within six hours.
Furthermore, five potentially linked wallets collectively deposited 1.5 trillion $PEPE tokens, equivalent to $3.3 million, also to Binance. This strategic maneuver led to a significant profit of $1.49 million, reflecting an 82% increase.
Pepe Token’s Remarkable Surge Sets it Apart
Pepe token’s recent surge in a single day has distinguished it from other popular meme coins. While Dogecoin and Shiba Inu saw modest gains of 1.85% and 11.11% respectively, Pepe’s exceptional pump skyrocketed its price to approximately $0.00000228.
Approaching Key Resistance Level: This surge has brought Pepe closer to a significant resistance level established since last July, positioned around $0.00000159. A successful breakthrough and closure above this barrier were anticipated to propel Pepe by 20%, aiming for its 2022 high of about $0.00000189.
Surge in On-Chain Activity: Recent on-chain data indicates a surge in active wallet addresses engaging with the Pepe network, witnessing an 85% spike in just four days last week and a 60% surge in the past 24 hours. Moreover, the increase in large “whale” transactions involving sums exceeding $500,000 and $1 million worth of $PEPE coins has contributed to today’s surge of over 60%.
Pepe Token’s Unprecedented Surge Sparks Speculation
Amidst Pepe’s remarkable outperformance of other meme coins this week, soaring by over 60%, analysts are speculating about its potential to target its all-time high market cap of approximately $1.8 billion.
Aiming for All-Time Highs: If Pepe were to achieve this milestone, it would require a parabolic 10x price surge from its current levels. Such a surge would represent a significant leap in value, highlighting the token’s growing popularity and investor interest.
Analyzing Potential Growth: As Pepe continues to outpace its peers in the meme coin space, investors and analysts are closely monitoring its trajectory, anticipating further gains and potential milestones in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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