Memecoin traders made $2 million in profits from the rise in Pepecoin ($PEPE) price.
The PEPE meme coin has soared incredibly today, with the $PEPE token rising 60% in price in less than 24 hours. Lookonchain, a prominent cryptocurrency analytics firm, has reported significant profit-generating activity as investors take advantage of this sudden rally.
PEPE surges by more than 60%
With the price of Pepecoin surging significantly, Lookonchain’s recent analysis has revealed notable wallet activity, indicating a significant profit-taking strategy by smart investors.
Six wallets seized the opportunity and sold 1.98 trillion $PEPE tokens, worth a whopping $4.37 million. The total profit generated from these transactions amounts to approximately $2 million, demonstrating the profitable nature of $PEPE’s recent rally.
One particular wallet, identified as “0xa145,” single-handedly deposited a significant amount of $PEPE tokens to Binance, totaling $486.72 billion. This strategic move resulted in a quick profit of approximately $515,000, an impressive 97% return in just 6 hours.
Additionally, five wallets potentially linked to the same individual deposited a total of 1.5 trillion $PEPE tokens, equivalent to $3.3 million on Binance. This strategic move resulted in significant profits of $1.49 million, an 82% increase.
Market dynamics and potential reasons for the surge
The recent one-day surge in Pepe tokens has set it apart from other popular meme coins. Dogecoin and Shiba Inu recorded small gains of 1.85% and 11.11%, but Pepe’s outlier pump pushed the price up to around $0.00000228.
This surge has brought the token closer to its key resistance level since last July. A successful break through this barricade and a close at around $0.00000159 was expected to pave the way for a 20% surge for Pepe, targeting a 2022 high of around $0.00000189.
Recent on-chain data shows that the number of active wallet addresses interacting with the Pepe network has skyrocketed, jumping 85% in just four days last week and 60% in 24 hours. A number of large “whale” transactions involving amounts exceeding $500,000 and $PEPE coins worth $1 million also triggered today’s surge of more than 60%.
What are your future plans?
With Pepe surging more than 60% this week, outpacing other meme coins, analysts speculate that the token could be aiming for an all-time high market capitalization of around $1.8 billion. Achieving this would require a parabolic 10x price surge from current levels.