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.
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