One dealer who masterfully rode the rise of the memecoin Pepe (PEPE) has doubled down on their huge wager, based on on-chain information.
First noticed by blockchain-tracking agency Lookonchain, a “good cash” Ethereum (ETH) handle printed features of over 4,500% shopping for PEPE early and taking revenue not too long ago.
Lookonchain says that the identical dealer is now taking their features and reinvesting it again into PEPE on its value dip. On-chain information reveals the entity promoting their ETH for extra PEPE on decentralized crypto alternate Uniswap (UNI).
“A SmartMoney who made 1,219 ETH ($2.2 million) on PEPE spent 1,173 ETH ($2.1 million) to purchase 1.33 trillion PEPE once more… The shopping for value is $0.000001586.
He purchased 2.24 trillion PEPE with 26 ETH ($48,000) at $0.00000002166, then offered for 1,245 ETH ($2.24 million) at $0.0000009985, with a acquire of 48x.”
Fashionable pseudonymous crypto dealer and analyst Altcoin Sherpa not too long ago weighed in on PEPE, saying that the present value ranges could also be a great spot for bulls to enter bids. He says he expects PEPE to ultimately go a lot decrease, however {that a} transfer increased continues to be on the desk within the quick time period.
“That is the world ($0.00000112) I’m taking a look at proper right here. I’d anticipate one thing like this the place we chop round after which perhaps transfer up (to $0.0000023), after which come again down.
I wouldn’t be shocked in any respect, to be clear, for this to go means decrease ultimately, and and my place is basically only one the place it’s only a scalp. I’m simply going to take this subsequent transfer up.”
At time of writing, PEPE is buying and selling for $0.00000175.
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