One trader who masterfully rode the rise of the memecoin Pepe (PEPE) has doubled down on their massive bet, according to on-chain data.
First spotted by blockchain-tracking firm Lookonchain, a “smart money” Ethereum (ETH) address printed gains of over 4,500% buying PEPE early and taking profit recently.
Lookonchain says that the same trader is now taking their gains and reinvesting it back into PEPE on its price dip. On-chain data shows the entity selling their ETH for more PEPE on decentralized crypto exchange Uniswap (UNI).
“A SmartMoney who made 1,219 ETH ($2.2 million) on PEPE spent 1,173 ETH ($2.1 million) to buy 1.33 trillion PEPE again… The buying price is $0.000001586.
He bought 2.24 trillion PEPE with 26 ETH ($48,000) at $0.00000002166, then sold for 1,245 ETH ($2.24 million) at $0.0000009985, with a gain of 48x.”
Popular pseudonymous crypto trader and analyst Altcoin Sherpa recently weighed in on PEPE, saying that the current price levels may be a good spot for bulls to enter bids. He says he expects PEPE to eventually go much lower, but that a move higher is still on the table in the short term.
“This is the area ($0.00000112) I’m looking at right here. I would expect something like this where we chop around and then maybe move up (to $0.0000023), and then come back down.
I wouldn’t be surprised at all, to be clear, for this to go way lower eventually, and and my position is really just one where it’s just a scalp. I’m just going to take this next move up.”
At time of writing, PEPE is trading for $0.00000175.
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