Amidst a significant rally, PEPE, the meme coin in the spotlight, achieved a remarkable feat by reaching a 2-month high. Market participants have seized the opportunity to cash in on the asset’s momentum, attracting attention to the potential profitability of meme coins.
PEPE, the meme coin that has been under the spotlight recently, managed to achieve a remarkable feat as it clinched a 2-month high amidst a significant rally. This recent surge has attracted the attention of market participants who have capitalized on the asset’s momentum to rake in profits.
PEPE Achieves Remarkable Feat With 2-Month High Amidst Significant Rally
The journey to this 2-month high hasn’t been without its challenges. The hype surrounding meme coins had decreased from late May to early June, leading to a discouraging 17.5% intraday loss for PEPE on June 10, which pushed its price below the critical psychological support level of $0.000001. The broader market decline, with BTC dropping below $25,000, further contributed to the downward trend in PEPE’s value.
Following the dip, PEPE seemed to stabilize below $0.000001 until June 17, when it experienced a surge to $0.00000105. Unfortunately, this upward momentum was short-lived as bears took control due to the lack of support from the broader market.
However, the tide turned on June 20 when support from the market finally arrived. This led to a substantial 13% rally, propelling PEPE back above the $0.000001 mark. The following day, the rally intensified, with PEPE reclaiming an impressive high of $0.00000147.
Investor Profit-Taking And Resistance Challenges PEPE’s Recent Rally
On June 23, PEPE reached its peak at $0.00000179, but it encountered strong resistance, leading to some modest declines. Nevertheless, the recent BTC rally ignited another surge for PEPE, allowing it to recapture the two-month high at $0.0000019 on July 3.
As PEPE’s value surged, investors who had acquired the asset during its downtrend took the opportunity to cash in on their holdings, leading to profit-taking trades. One particular investor caught the attention of blockchain surveillance system Lookonchain. This investor withdrew a staggering 945 billion PEPE, valued at $1.64 million, from Binance. Subsequently, they opted to exchange their PEPE tokens for ethereum (ETH) in a series of transactions.
The first transaction involved the sale of 67.6 billion PEPE for 60 ETH (approximately $117,259). Subsequent sales saw the investor trading 15 ETH each time. So far, this individual has sold over 203 billion PEPE, amounting to 180 ETH worth $351,000+.
Despite the recent rally, PEPE has faced consistent resistance, resulting in continuous declines. The coin began the day on a bearish note, dropping to a low of $0.00000171.
Although it attempted a modest comeback, it is currently down by 5.43% today.
In conclusion, PEPE’s recent 2-month high is a testament to the volatile nature of meme coins and the opportunistic behavior of investors seeking profits. As the broader cryptocurrency market continues to evolve, it remains to be seen how PEPE’s journey will unfold in the coming days and weeks.
