- Pepe Coin reached a new ATH, with a whale earning a $14 million profit.
- Market analysis and technical indicators suggested a potential short-term retracement.
In the world of crypto meme coins often provide some of the most dramatic and interesting market movements, and Pepe [PEPE] is no exception.
Recently, this frog-themed cryptocurrency has seen a remarkable surge in its price, reaching a new all-time high (ATH) of $0.00001151.
Over the past week, this increase has accounted for a 50% rise, with a 5.1% climb in just the last 24 hours.
This price movement has captivated the attention of investors and traders alike, marking a significant moment in the coin’s history.
Turning $1.5 million into $14 million with Pepe
This surge is not just about price increments; it involves substantial profits for certain market players, particularly the whales.
One such whale, identified by the on-chain analytics platform Spotonchain, has turned a substantial profit in an impressively short time.
Initially investing $1.56 million USDT to acquire 1.40 trillion PEPE between December 2023 and February 2024, this investor sold 140.4 billion PEPE for 1.75 million DAI at the peak of this rally.
What remains — 1.26 trillion PEPE — is now valued at $13.9 million, all profit.
The strategies employed by these large-scale investors are often a bellwether for the market.
The whale’s approach to buy low, sell high, and retain a significant amount of the asset showcases a bullish sentiment on the future of Pepe Coin.
The data revealed that this particular whale transformed a $1.56 million investment into a potential $14 million windfall in just three months.
This kind of return is emblematic of the volatility and opportunity within the meme coin sector of the cryptocurrency market.
Furthermore, the overall trading volume and open interest in Pepe Coin have surged alongside its price.
According to Coinglass, the Open Interest (OI) in PEPE increased by 7.87% to exceed $600 million, with derivatives volume reaching $5.39 billion.
Source: Coinglass
This indicates not just individual interest but a broader market engagement, suggesting that Pepe Coin could be experiencing a more sustained period of investor attention.
Market trends
Pepe Coin’s network activity offers additional insights into its market dynamics. Santiment data shows that daily active addresses reached a peak of 8,163 on the 14th of May, a level not seen since mid-March.
Source: Santiment
This peak corresponded with the recent price rally, indicating that the increase in active participants might be a response to the asset’s strong performance.
Technical analysis suggests that while Pepe Coin is currently in an uptrend, a retracement could be imminent.
The cryptocurrency recently broke a significant swing high, and such movements typically lead to a short-term pullback before continuing the upward trend.
Source: TradingView
Realistic or not, here’s PEPE’s market cap in BTC’s terms
This viewpoint is supported by AMBCrypto’s report on the PEPE’s Network Value to Transactions (NVT) ratio.
It indicates that while the market cap is growing rapidly compared to the transaction volume, a downward price correction could precede further gains.
