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Pepe currency has emerged as one of the most promising cryptocurrencies in the meme coin industry this year, recently reaching a new all-time high. Despite the turmoil in the broader crypto market, the coin has defied predictions by surging to new levels. According to CoinmarketCap statistics, PEPE reached an all-time high of $0.00001097 today, May 14.
PEPE Gains Momentum as Smart Money Traders Shuffle 250 Billion Tokens
Amidst the significant upward momentum gained by the frog-themed meme token, PEPE looks to have emerged as a hot trend among Smart Money traders, seasoned traders who typically earn huge profits trading cryptocurrency, as per Coingape. On-chain data appearing in the market shows around 250.5 billion PEPE being shuffled by smart money addresses as the token recently reached a new all-time high.
This has sparked a frenzy of speculation among investors, who are betting on the meme coin's ability to provide future returns.
According to statistics from a few on-chain analytics companies, 250.40 billion PEPE was traded in the last 24 hours. Notably, these transfers demonstrated Pepe currency buildup and dumps by savvy money dealers in hand.
A clever money, 0x37…, accumulated 406.74 million PEPE on Binance, a renowned exchange. Another smart money address, 0x647..., transferred 250 billion PEPE to the same exchange.
It's worth noticing that the address 0x647 accumulated PEPE only one day after the coin began. An initial collection of 475 billion PEPE with 0.51 ETH was recorded, and the address has sold 468 billion PEPE to date for a ROI of 2084x. This address still has a significant amount of PEPE, worth 7.25 billion coins, indicating that the investor expects the token will rise even higher.
Whereas the abovementioned smart money 0x37's accumulation at a time when PEPE is already on a bull run adds to optimism about further gains.
PEPE Price Surges 19.68% Amid Increased Trading Volume and Market Rally
Meanwhile, as of writing, PEPE's price has risen 19.68% in the last 24 hours to $0.00001005. The 24-hour low and high are $0.00000831 and $0.00001097, respectively. By removing a zero from its value, the meme coin has accomplished a major feat, yet questions remain regarding whether it can maintain this level.
Significant PEPE purchases in recent days appear to have increased purchasing pressure on the frog-themed meme coin. In contrast, the coin's 24-hour trading volume increased by 280.38% to $2.11 billion, propelling the token into a bullish stage.
Coinglass data supported this bullishness, indicating a market rally for Pepe currency as open interest rose 14.92% to $107.51 million, followed by a 235.45% increase in derivatives volume to $2.12 billion.
This data offers a relatively positive picture of PEPE at press time, despite speculation of a pullback is mostly due to the RSI hanging around 70. The asset appears to be overbought, implying that a reversal or correction is likely.
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