One dealer who masterfully rode the rise of the memecoin Pepe (PEPE) has doubled down on their large wager, in line with on-chain knowledge.
First noticed by blockchain-tracking agency Lookonchain, a “good cash” Ethereum (ETH) deal with printed features 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 features and reinvesting it again into PEPE on its worth dip. On-chain knowledge reveals the entity promoting their ETH for extra PEPE on decentralized crypto trade 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 offered for 1,245 ETH ($2.24 million) at $0.0000009985, with a acquire of 48x.”
Standard 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 finally go a lot decrease, however {that a} transfer larger remains to be on the desk within the brief time period.
“That is the realm ($0.00000112) I’m taking a look at proper right here. I might anticipate one thing like this the place we chop round after which perhaps transfer up (to $0.0000023), after which come again down.
I wouldn’t be shocked in any respect, to be clear, for this to go manner decrease finally, and and my place is absolutely 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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