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Pepe Coin Down 50% From All-Time High: Smart Money Turns Dumb

Mon, 05/08/2023 - 09:53
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Gamza Khanzadaev
Smart money turns dumb on PEPE as coin loses 50% in price from peak
Pepe Coin Down 50% From All-Time High: Smart Money Turns Dumb
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The price of the PEPE token, which became the sensation of the crypto market in recent months, has already lost 50% of its maximum values. They were reached just three days ago when, on Friday, the largest crypto exchange Binance announced the listing of the meme coin. Since then, the price of PEPE has managed to go from $0.0000044 to $0.0000022 at a fairly brisk pace.

PEPE to USD by CoinMarketCap

What is more surprising is that there were those who thought that the 140% increase in price on the day of listing was not the limit of PEPE and decided to buy. Particularly surprising is that this action came from what is commonly referred to as "smart money" wallets.

Early Pepe Investor Turns $260 Into $8 Million

As Lookonchain reports, an unknown large investor bought 962.3 billion PEPE for 70 WBTC and 470 ETH on Friday, with an average purchase price of $0.000003122, which brings the transaction amount to $3 million. At the current price, however, his PEPE portfolio can already be valued at only $2.14 million. Probably the whale's plan was to buy on the dip, but as a result, he himself got dipped.

Doubts about the reasonableness of smart money's actions at this stage of the market are caused not only by the behavior of this particular whale. Recent reports from Lookonchain demonstrate that many continue to hold multi-million dollar capital in PEPE, and if someone decides to exit this meme coin, it is only to buy a different one.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.