Pepe (PEPE), a popular altcoin, has recently garnered attention with its upward trajectory in the memecoin sector. Despite volatility in the broader altcoin market, PEPE has reached an all-time high (ATH), defying typical market trends. This surge in price has attracted the interest of Smart Money investors, who are known for trading large volumes of cryptocurrency.
What Drives Smart Money Activity in PEPE?
On-chain data indicates that approximately 250.5 billion PEPE tokens have been traded by Smart Money addresses during this latest rally. This heightened activity has led to speculation among investors regarding the future profitability of the altcoin.
In the last 24 hours, significant transactions by Smart Money investors have been observed. One address accumulated 406.74 million PEPE from Binance, while another sold 250 billion PEPE on the same platform. Notably, an address that began accumulating PEPE shortly after its launch holds a substantial amount, despite selling some for a 2,084-fold gain.
Is PEPE’s Bullish Trend Sustainable?
The altcoin has experienced substantial buying pressure recently, with its 24-hour trading volume increasing to $2.11 billion. Data from Coinglass supports this bullish trend, showing significant increases in open interest and derivative volume, suggesting a positive future outlook for PEPE.
Investor Insights
- Smart Money activity can be a strong indicator of an asset’s future profitability.
- High trading volumes and increased open interest often signal a sustained bullish trend.
- Monitoring RSI levels can provide early warnings of potential market corrections.
Conclusion
Despite PEPE’s impressive rise to an ATH of $0.00001005, there are concerns about its sustainability. The Relative Strength Index (RSI) suggests overbought conditions, indicating a possible correction. Nonetheless, the overall sentiment remains optimistic, driven by robust Smart Money activity and bullish market indicators.