Coin Edition -
- Smart money invests 1.26M USDC in PEPE, buying 142.96B units.
- PEPE token sees a 25% weekly surge despite market volatility.
- Bearish signals on PEPE’s 4-hour chart emerge as indicators hint at correction.
In a financial move, a notable investor known for their strategic decisions in the cryptocurrency market has recently invested a huge sum into $PEPE. The transaction involved the purchase of 142.96 billion units of $PEPE for a total of 1.26 million USDC, executed at a unit price of $0.000008831.
A $PEPE smart money spent 1.26M $USDC to buy 142.96B $PEPE at $0.000008831 2 hours ago.The smart money has traded $PEPE 7 times in the past 6 months, 6 of which were profitable, with a win rate of 85.7%, and the total profit is $915K.https://t.co/92nzYbyfsY pic.twitter.com/Lsqf56W6hB— Lookonchain (@lookonchain) May 6, 2024
This transaction was observed and reported two hours ago, marking a crucial moment in the trading history of $PEPE. According to Lookonchain, this investor, commonly known as “smart money” because of their proven success, has traded $PEPE seven times in the last six months.
Remarkably, six out of these seven trades have yielded profitable returns. This consistent performance underlines the investor’s adeptness in navigating the volatile cryptocurrency market. With a win rate of 85.7%, they have amassed a total profit of 915,000 USD, demonstrating their knack for making lucrative decisions at opportune times.
Investor Buys Big, Pepe Coin Soars
In the last 24 hours, Pepe Coin has experienced heightened price volatility, capturing the attention of the cryptocurrency market. This move can be attributed to a savvy investor, often referred to as “smart money,” who has strategically acquired a massive amount of PEPE tokens.
PEPE/USD 24-Hour Chart (Source: CoinStats)
This maneuver has ignited anticipation for the prospective ascent in value of the frog-themed symbolic token. As of this publication, Pepecoin is experiencing an upward trajectory, having escalated nearly 25% in value over the preceding seven days. This boost has kindled extensive speculation, with some envisioning that the token might imminently attain the ambitious valuation threshold of $0.00001.
As of press time, the PEPE token is valued at $0.00000863, evidencing a slight uplift of 0.96% since yesterday. Despite the predominant optimistic outlook, the token’s trading volume has witnessed a decrement of 21.35% within the last day, culminating at $705,099,949.
Nevertheless, the PEPE token’s market capitalization has risen by 0.44%, reaching $3,638,214,491. This positions PEPE as the 30th largest cryptocurrency by market cap, highlighting its growing presence in the crypto landscape.
Bearish Trends Emerge in the PEPE Market
The 4-hour chart reveals a bearish trend in the PEPE token market, as indicated by the MACD (Moving Average Convergence Divergence) indicator. As of this publication, the MACD is positioned at 0.0000003067 below the signal line, suggesting an intensifying bearish momentum that could lead to a further decline in the token’s price in the short term.
PEPE/USD 4-Hour Chart (Source: Tradingview)
The accompanying histogram on the MACD chart, with its widening red bars in the negative zone below the zero line, further supports the outlook of increasing bearish pressure. Additionally, the RSI (Relative Strength Index) supports this bearish sentiment. Having recently descended from the overbought territory, the RSI is now trending downward and is presently at 61.94.
This movement indicates that the PEPE token may be undergoing a correction phase, which typically precedes a potential recovery or continuation of the upward trend. The positioning of these indicators below their respective signal lines underscores the market’s growing bearish sentiment.
The post PEPE Soars as Investor Snaps Up 142.96B Coins Amid Correction Concerns appeared first on Coin Edition.