The crypto market slowly started to bounced back on Thursday after a sluggish first part of the week. The PEPE price is up 2% today. Current market cap is $3.3 billion after the third largest meme coin (only behind DOGE and SHIB) peaked at around $7 billion in May.
In a striking display of confidence, a seasoned PEPE trader has once again caught our attention. This investor, known for their “diamond hands” approach, just spent 1.34 million USDC to acquire 173 billion PEPE tokens. What makes this move particularly noteworthy is the trader’s previous success with PEPE.
On October 25, 2023, this same trader invested 200,000 USDC to buy 170 billion PEPE tokens, as reported by LookOnChain.
He held onto this position until July 25, 2024. At that point, they sold their holdings for 1.97 million USDC, and made a profit of $1.77 million – an impressive 886% ROI.
The timing of these transactions is clearly visible on PEPE’s price chart, highlighting the trader’s entry point, exit, and recent re-entry into the market.
As part of the Ethereum ecosystem, PEPE’s performance is often tied to the broader trends in the ETH market. If Ethereum’s price begins to show upward movement, it could potentially drive PEPE’s value higher as well. Of course, meme coin mania would help here as well.
Some analysts suggest that breaking PEPE’s all-time high, which would require more than a 2x increase from current levels, could be within reach in 2024, especially if the overall crypto market continues to strengthen.
Read also: Best Crypto To Buy The Dip? Hint: Not PEPE or WIF
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