- PEPE returns to the limelight with a $5.89B trading volume on Derivatives.
- PEPE is also the most traded meme coin this week on Spot markets.
- Several large holders take out profits after PEPE tacks on new ATH.
The frog-themed meme coin Pepe (PEPE) continues to climb the crypto charts by global market capitalization. The rapidly rising trading volumes on both Spot and Derivatives markets served as a powerful boost for PEPE, which has flipped several competing altcoins in the process, including Hedera Hashgraph (HBAR), Ethereum Classic (ETC), and Aptos (APT).
After clinching a new all-time peak on May 14, 2024, PEPE’s bull run didn’t stop there. A week later, the coin clinched another record at $0.00001420, set in the early hours of May 22. Indeed, PEPE’s trading demand has shown exquisite growth, with the latest 24-hour timeframe encircling a $3,108,273,595 volume on Spot markets.
PEPE comes out on top as the most traded token in the meme coin department, scoring a three times bigger trading volume than Shiba Inu (SHIB) and racing past the largest meme coin, Dogecoin (DOGE), by over $500 million, according to latest data from CoinGecko.
Smart Money Taking Profits: Sell Wall Incoming?
As PEPE’s continuous momentum continues with a 20% upswing over the past 24 hours, several blockchain analysts have noticed huge PEPE coin whales taking profits at the current top. To illustrate, one smart money trader has deposited a whopping 183B Pepe coins to Binance, worth approximately $2.32 million at stamped transaction time.
Over a year ago, this crypto whale acquired 352 billion PEPE coins for 0.22 Ether (ETH). If the smart money continues to sell off his PEPE stash on Binance, they will make over $3 million in realized profits, with an investment return of over 7000%.
Another large PEPE holder deposited 201.85 billion PEPE coins about an hour later to Bybit. Similarly to the first smart money instance, this PEPE holder made a profit of $2.48 million. Previously, this crypto whale bought and sold PEPE three times, gaining a profit in every case.
Naturally, the large holder’s attempt to capitalize on PEPE’s latest gains could incur a selling wall for PEPE. Judging by the combined liquidity book on Spot markets, the distance between executed PEPE bids and sales over the past 24-hour window is nearly $20 million, according to CoinPaprika. This imbalance between PEPE sales and buying orders solidifies the chances of extra selling pressure before the frog-themed PEPE gathers power for another breakout to claim a TOP 25 spot by global market capitalization.
On the Flipside
- Selling walls often occur due to many crypto investors attempting to break even.
- In contrast, 99% of current PEPE holders profit from this price range.
Why This Matters
Besides being a part of internet meme culture, PEPE coin stands out as a long-term investment asset with 23% of investors holding PEPE for over a year.
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