PEPE whale sees 8x profit during new all-time high: Is it time to sell?

  • The buzz around Pepe Coin is unstoppable as a whale makes $14 million in profit.
  • Market experts foresee a potential dip in the near future based on analysis and technical signals.

When it comes to meme coins, Pepe [PEPE] has stolen the spotlight with its recent price surge.

In the world of crypto, Pepe has made waves by hitting a new all-time high of $0.00001151.

In just a week, the price has shot up by 50%, including a 5.1% jump in the last 24 hours.

Investors and traders are closely watching this coin’s historic moment in the market.

Turning $1.5 million into $14 million with Pepe

Beyond the price surge, whales are making significant profits, like one who raked in $14 million.

Highlighted by Spotonchain, this investor turned $1.56 million into a massive $13.9 million profit in a short span by smartly trading PEPE.

The tactics of big players like this indicate a bullish sentiment for the future of Pepe Coin.

This rapid transformation from a $1.56 million investment to a potential $14 million return showcases the dynamic nature of meme coin investments.

Alongside its price rise, the trading volume and open interest in Pepe Coin have also surged.

According to Coinglass, the Open Interest (OI) in PEPE has soared to over $600 million, with derivatives volume hitting $5.39 billion.

Source: Coinglass

This surge in interest implies a wider market participation in Pepe Coin, hinting at a sustained period of attention from investors.

Insights into Market Trends

Pepe Coin’s network activity, as per Santiment data, hit a peak with 8,163 daily active addresses on May 14, reflecting heightened engagement due to its stellar performance.

Source: Santiment

While Pepe Coin is currently on an upward trajectory, there are signals of a possible retracement, a typical pattern following a significant swing high.

Source: TradingView

Imagining PEPE’s market cap in Bitcoin terms

According to AMBCrypto, PEPE’s Network Value to Transactions (NVT) ratio signals a potential price correction following its rapid market cap growth relative to transaction volume.

Next: Decoding Bitcoin’s 20% hashrate decline: Why are miners struggling?

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