Pepe mint [PEPE], the Ethereum-based meme coin, has captured the attention of the cryptoverse with its remarkable rise. It worked hit an all-time high of $0.00001422 on May 22, 2024. Within just 24 hours, it rose more than 26%, solidifying its position as one of the market's top performers. This increase is largely attributed to growing excitement around the potential introduction of a spot Ether ETF, which is fueling enthusiasm and driving up prices, especially in meme coins like PEPE.
Whales seize their chance
While private investors succumb to the fear of missing out [FOMO]smart traders have seized this opportunity. Data from the chain shows that at least three savvy traders have made lucrative trades, taking advantage of the influx of retail investment into the market.
An early investor in PEPE made a strategic move by depositing their entire holdings of 182.9 billion PEPE, worth $2.53 million, into a financial account. This holding came from a larger purchase of 324.9 billion PEPE last year for just $462. In total, this savvy investor realized profits greater than $3.4 million.
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Institutional play in the PEPE market
BlockTower Capital, an institutional investment firm, made waves with its calculated trades with PEPE. The company transferred $2.8 million worth of PEPE worth $202 billion to Cumberland, a leading market maker that facilitates liquidity for both institutional and retail trading. This strategic maneuver coincided with the price of PEPE crossing the $0.000014 mark, resulting in a tidy profit of $578,000 on a $2.22 million investment over six days.
The rise in the price of PEPE and increased activity in the chain underline the volatile nature of meme coins. While it attracts both institutional and retail investors with the promise of significant profits, it also introduces the possibility of abrupt reversals. Whether this trend will continue or lead to a reversal remains a crucial question.
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