Investor Cash In on PEPE’s Price Rally By Selling 202B Tokens for Huge Profits
In a new insight into a profitable crypto trading adventure, renowned digital assets analytical platform Lookonchain has revealed an investment strategy that saw an investor amass massive profits after depositing about 202 billion PEPE coins valued at roughly$2.83 million to the crypto exchange Bybit.
The investor’s trading exploit was revealed on X via the crypto analytical outlet’s official account a few hours ago. At the time of drafting this report, the X post had accumulated over 30k views, underscoring the crypto community’s interest in juicy investment escapades.
A 100% Profitable Trading From Three Different Attempts
According to LookOnChain, the trader in question has attempted trading PEPE on three different occasions, with a 100% success rate, accumulating approximately $2.48 million.
“This trader has traded $PEPE 3 times and made money every time, with a win rate of 100%, and the total profit is ~$2.48M,” Lookonchain wrote on X.
A smart trader deposited 201.85B $PEPE($2.83M) to #Bybit to take profits.
This trader has traded $PEPE 3 times and made money every time, with a win rate of 100%, and the total profit is ~$2.48M.https://t.co/Ww3YY4asNI pic.twitter.com/tQhTSGwh80
— Lookonchain (@lookonchain) May 22, 2024
PEPE’s Impressive Run Fuelling Trader’s Profitable Investment Options
The Ethereum-based meme coin, PEPE, came onboard in April 2023 and has been taking the crypto market by storm. Since its release, the coin has been incredibly impressive, fuelling speculations about its potential to displace Shiba Inu (SHIB) and Dogecoin (DOGE) as the leading crypto asset in the meme coin ecosystem.
Subsequently, PEPE has attracted a significant user base, as most holders seek to cash in on the coin either potentially via a long-term or a short-term investment strategy, in which the coin has proven to be reliable in barely a year of gracing the crypto space.
Market And Risk Analysis Depicting More Profits For PEPE Holders
While the trader in this insight might have opted to cash in on profits earlier, there are chances he could accumulate more profits if he were more patient, as the frog-themed crypto asset market and risk analysis indices are insinuating a more bullish future for PEPE, corroborating the bullish assertion.
According to Coincodex’s PEPE market readings, the Ethereum-based meme coin is changing hands at about $0.0000136, having surged by about 23.84% in the past 24 hours to attain a new all-time high (ATH) at roughly $0.00001426.
Presently, PEPE boasts the twenty-second largest market capitalization and the ninth-largest trading volume at about $5.72 billion and $2.96 billion, respectively.
In addition, Volatility on PEPE is very high at 15.64% with bullish sentiments while the “Fear & Greed index” – the variable that tracks investor attitude toward an asset indicated extreme greed at 76.
Analyzing PEPE’s risk assessment variables, the indices revealed that the coin has no assessment risk, having registered a 757% surge in the previous year, outperformed 91% of the top 100 crypto assets, including Bitcoin (BTC) and Ethereum (ETH), traded above its 200-day Simple Moving Average (SMA), and recorded 18 green days in the past 30 days.
Ethereum Boosting PEPE?
While PEPE might have been on a scintillating run since it graced the crypto market, the positive impact of Ethereum in catalyzing the meme coin’s remarkable market outlook remains undisputed.
Interestingly, the positive sentiment revolving around Ethereum following speculations, suggesting that the United States Securities and Exchange Commission (SEC) might soon approve Ethereum-based Exchange Traded Funds (ETFs), has been identified as a significant driver of PEPE and other ERC-20 tokens price rallies.
PEPE Price Rallies Towards $0.00001200 as Ethereum Boosts ERC-20 Tokens#PEPEhttps://t.co/aqss3vauAf
— Crypto2Community (@Crypto2Comm) May 21, 2024
On its part, PEPE’s distinct features, which include its credibility and deflationary nature, make it one of the biggest winners of ETH’s bullish sentiments.
Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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