A trader who masterfully managed the rise of the memecoin Pepe (PEPE) has doubled his massive bet, according to the chain’s data.
First discovered by blockchain tracking firm Lookonchain, a “smart money” Ethereum (ETH) address printed gains of more than 4,500% buying PEPE early and turning a profit recently.
Lookonchain says that the same trader is now taking his profits and reinvesting them back into PEPE in his price crash. On-chain data shows that the entity sells its ETH for more PEPE on the decentralized crypto exchange Uniswap (UNI).
“A SmartMoney that earned 1219 ETH ($2.2 million) on PEPE spent 1173 ETH ($2.1 million) to buy 1.33 trillion PEPE again… The purchase price is $0.000001586.
He bought 2.24 billion PEPE with 26 ETH ($48,000) at $0.00000002166, then sold them for 1,245 ETH ($2.24 million) at $0.0000009985, for a 48x profit.”
Popular pseudonymous cryptocurrency trader and analyst Altcoin Sherpa recently weighed in on PEPE, saying that current price levels may be a good place for bulls to enter offers. He says that he expects PEPE to eventually go much lower, but that a move higher is still on the table in the near term.
“This is the area ($0.00000112) that I’m looking at here. I would expect something like this where we short and then maybe go higher (to $0.0000023) and then go back down.
It wouldn’t surprise me at all, to be clear, if this eventually goes down a lot, and my position is really just one where it’s just a scalp. I’m just going to take this next step up.”
At the time of writing this article, PEPE is trading at $0.00000175.
Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox
Check Price Action
follow us TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.
Image generated: DALLE-2
