One dealer who masterfully rode the rise of the memecoin Pepe (PEPE) has doubled down on their huge guess, in line with on-chain information.
First noticed by blockchain-tracking agency Lookonchain, a “sensible cash” Ethereum (ETH) handle printed good points of over 4,500% shopping for PEPE early and taking revenue not too long ago.
Lookonchain says that the identical dealer is now taking their good points and reinvesting it again into PEPE on its worth dip. On-chain information reveals the entity promoting their ETH for extra PEPE on decentralized crypto change Uniswap (UNI).
“A SmartMoney who made 1,219 ETH ($2.2 million) on PEPE spent 1,173 ETH ($2.1 million) to purchase 1.33 trillion PEPE once more… The shopping for worth is $0.000001586.
He purchased 2.24 trillion PEPE with 26 ETH ($48,000) at $0.00000002166, then bought for 1,245 ETH ($2.24 million) at $0.0000009985, with a achieve of 48x.”
In style pseudonymous crypto dealer and analyst Altcoin Sherpa not too long ago weighed in on PEPE, saying that the present worth ranges could also be a great place for bulls to enter bids. He says he expects PEPE to ultimately go a lot decrease, however {that a} transfer increased continues to be on the desk within the quick time period.
“That is the realm ($0.00000112) I’m proper right here. I’d anticipate one thing like this the place we chop round after which possibly transfer up (to $0.0000023), after which come again down.
I wouldn’t be stunned in any respect, to be clear, for this to go manner decrease ultimately, and and my place is actually only one the place it’s only a scalp. I’m simply going to take this subsequent transfer up.”
At time of writing, PEPE is buying and selling for $0.00000175.
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