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Popular altcoin Pepe (PEPE) has recently stood out in the memecoin sector with its upward moves. Despite the turbulence in the overall altcoin market, it reached an all-time high (ATH), defying general trends and expectations. The recent price increase of PEPE has caught the attention of experienced investors known as Smart Money, who actively trade large amounts of cryptocurrency.
Smart Money Activity in PEPE
On-chain data reveals that approximately 250.5 billion PEPE tokens were moved by Smart Money addresses during this recent rally. This activity among Smart Money addresses has led to speculation among investors about the altcoin’s future profit potential.
The significant movement of PEPE tokens by Smart Money investors is highlighted by notable purchases and sales observed in the last 24 hours. One Smart Money address accumulated 406.74 million PEPE from the Binance exchange, while another address offloaded a staggering 250 billion PEPE on the same exchange.
Interestingly, an address starting with 0x647… began accumulating PEPE just one day after the altcoin’s launch, initially purchasing 475 billion tokens and still holding a large amount while selling some for a 2,084-fold gain.
Currently, data shows that the altcoin has been under significant buying pressure in recent days, with the 24-hour trading volume rising to $2.11 billion, signaling a bullish trend among investors. Coinglass data also supports this rise; open interest and derivative volume have increased significantly, painting an optimistic picture for PEPE’s future trajectory.
Relative Strength Index Raises Alarm
Despite PEPE’s impressive price rise to an all-time high of $0.00001005, there are speculations that it may not sustain this level. Concerns about a potential correction are growing, primarily due to the Relative Strength Index (RSI) signaling overbought conditions at the 70 level.
This situation indicates that a crash or correction might be on the horizon. Despite these cautionary signs, the overall sentiment surrounding PEPE remains positive, driven by strong Smart Money activity and bullish market indicators.
