According to on-chain data, one trader who successfully capitalized on the surge of the memecoin Pepe (PEPE) has increased their large wager.
A “smart money” Ethereum (ETH) address recently generated returns of almost 4,500% after purchasing PEPE early and taking a profit, as first noted by blockchain-tracking company Lookonchain.
Lookonchain claims that the same trader is currently withdrawing their profits and reinvesting them back into PEPE when its price declines. According to on-chain statistics, the entity is selling its ETH on the decentralized cryptocurrency exchange Uniswap (UNI) for more PEPE.
Altcoin Sherpa, a well-known pseudonym cryptocurrency trader, and analyst, recently commented on PEPE and pointed out that the present price levels would be a suitable place for bulls to enter bids. According to him, PEPE will eventually decline notably, although a short-term increase is still probable.
The crypto analyst identified a specific price area of interest, which was around $0.00000112. The analyst anticipated a period of consolidation in this range, followed by a potential upward movement toward $0.0000023 and then a subsequent decline.
It should be noted that the analyst expressed the possibility of the price eventually dropping significantly lower. Their current position was described as a scalp trade, indicating a short-term trading strategy. The analyst stated their intention to capitalize on the next anticipated upward movement in the price.
PEPE is trading at $0.000001672 at the time of writing.
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