Smart Money Buys 143 Bln PEPE, $0.00001 On The Horizon?

Against the backdrop of a highly volatile price movement illustrated by Pepe coin in the past 24 hours, a smart money’s strategic move to accumulate colossal amounts of PEPE has propelled a flurry of optimistic thoughts on the frog-themed meme token’s price movements ahead. Already riding a bullish market trend with a nearly 20% weekly price rally, Pepecoin has set the stage for a storm of speculations, including the potential to reach the highly optimistic level of $0.00001 in the near future.

With a multitude of bullish factors for Pepe coin looming on the crypto horizon, the frog-themed meme token reflects immense optimism and promises potential gains for investors. Here’s an in-depth report on these factors.

PEPE Accumulations Burgeon Injecting Optimism

Notably, per insights streamlined by Lookonchain, a blockchain analytics platform, a PEPE smart money was noted to be allocating 1.26 million USDC to buy a staggering 142.96 billion PEPE at the price of $0.000008831 today, May 6. This smart money, going by the address 0x2db3fb.., has nabbed significant attention with its accumulation as its trading record illustrates quirky investments, with an attention-grabbing 85.7% win rate, indicating a high success rate in its trading strategy.

The smart address traded PEPE 7 times over the past six months, 6 of which were profitable. Jotting down gains worth $915K with past PEPE accumulations, today’s buying has further sparked an optimistic buzz surrounding the token’s future price movements.

Meanwhile, numerous reports by CoinGape Media recently spotlighted a substantial increase in cryptocurrency whales purchasing Pepe coin as a part of their strategic investments. This, collectively, paves the road for a potential bullish rally for PEPE in the future, underscoring large-scale and strategic investors’ confidence in the asset’s promising prospects.

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PEPE Price Rally To Continue?

As of writing, PEPE’s price has increased by 0.82% in the past 24 hours and currently stands at $0.000008565. Its 24-hour lows and highs are $0.000008285 and $0.000008817, respectively, with the token trading in both red and green territories over the past day.

However, Coinglass data illustrated a 3.19% increase in the token’s open interest, reaching $94.28 million, adding to its optimistic stand. A recent analysis of PEPE’s price movements by CoinGape Media further draws attention to the formation of an inverted head and shoulders pattern, a bullish pattern on the token’s chart.

Collectively, this paves the road for PEPE to scale the highly optimistic level of $0.00001 ahead, although short-term volatility may be expected in tandem with broader market trends. Besides, it’s also worth adding that a post-BTC halving rally is yet to kick in, with PEPE being one of the potential meme coins mimicking BTC’s price movements.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.