The price of the PEPE token, which in recent months rose to prominence on the cryptocurrency market, has already fallen by half of its peak levels. Announcing the listing of the meme coin on Friday, the biggest cryptocurrency exchange Binance, they were attained just three days ago. Since then, PEPE’s price has increased at a very rapid rate, from $0.0000044 to $0.0000022.
What is more unexpected is that some people opted to buy, believing that PEPE may hike prices by an additional 140% on the day of listing. The fact that this move originated from what are frequently referred to as “smart money” wallets is particularly startling.
According to Lookonchain, a mysterious major investor purchased 962.3 billion PEPE on Friday for 70 WBTC and 470 ETH, with an average purchase price of $0.000003122, bringing the total transaction value to $3 million. However, his PEPE portfolio may currently only be valued at $2.14 million at the present price. The whale’s intention may have been to purchase during the dip, but as a result, he was also dipped.
Not only this specific whale’s behaviour raises questions about whether the smart money’s trades at this point in the market are rational. Recent statistics from Lookonchain show that many people still retain several million dollars in PEPE, and if someone decides to sell their holdings, it’s merely to purchase another meme coin.
