Meme coins PEPE and FLOKI have seen significant price drops in the last 24 hours, according to the latest data from CoinMarketCap. Notably, PEPE’s price has plummeted by 12.33%, currently trading at $0.000009, while FLOKI has experienced a 13.66% decline, with its current price at $0.000264.
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Smart Trader Makes Millions from Meme Coin Pump
Despite the downward trend, a smart trader identified as 0x522 managed to capitalize on the meme coin pump ;lately. According to blockchain analysis firm Spot On Chain, this trader deposited 500 billion PEPE tokens worth $4.26 million to Binance over the past 10 days.
Consequently, if the trader sold their PEPE holdings, they would have pocketed a profit of $3.39 million. Additionally, the trader still holds 100 billion PEPE worth $1.05 million and has profited $900,000 from trading FLOKI and SHIB.
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Show more +PEPE’s Technical Analysis Signals Potential Buying Opportunity
A closer look at PEPE’s technical analysis reveals that the meme coin might present a buying opportunity for investors. Despite the red candlestick on its daily price chart, indicating a decrease in value, the Relative Strength Index (RSI) of 72.35 suggests that PEPE could be approaching oversold territory.
Moreover, the MACD has sloped sideways lately, indicating a possible consolidation phase for the token. The 50 Exponential Moving Average (EMA) shows a significant gap between the current price and the moving average, signaling a potential correction. However, the 100 EMA and 200 EMA suggest that PEPE’s long-term trend remains bullish, with strong support at current levels.
FLOKI’s Technical Indicators Point to Continued Bearish Trend
On the other hand, FLOKI’s technical analysis paints a more bearish picture. Although the token trades at $0.000254, the downward slope of its RSI at 73.00 indicates oversold conditions. Additionally, the 50 EMA and 100 EMA are currently below the market price, suggesting potential support levels if the price drops further.
The MACD’s lower slope following a notable increase signals a possible bearish trend in the near future. Overall, the technical indicators for FLOKI suggest that the downward trend may continue, presenting a contrasting outlook to PEPE’s potential buying opportunity.
While the meme coin market remains highly volatile, the diverging technical patterns of PEPE and FLOKI offer investors opportunities for strategic entry and exit points.
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