Smart Money Flocks To PEPE & These Major Cryptos, A Recovery Ahead?

Rupam Roy
May 11, 2024
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Highlights

  • The PEPE coin witnessed a slight recovery amid a broader market downturn.
  • A smart money investor has shifted his focus towards the PEPE coin and two other major cryptos.
  • The smart money investor has invested millions to accumulate the cryptos recently, signaling a bullish momentum.

Amid the ongoing market turbulence, a glimmer of hope emerges for crypto investors as Pepe Coin, alongside other major cryptocurrencies, garners attention from smart money players. Despite the recent downturn in the broader crypto marketthe resurgence of Pepe Coin’s price has ignited optimism among investors, prompting discussions about a potential recovery. 

Meanwhile, against the backdrop of macroeconomic uncertainties, the shift in focus towards Pepe Coin and other selected cryptos signals a strategic move by investors amidst volatile trading conditions.

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Smart Money Accumulates Pepe & Other Cryptos

Recent insights from the on-chain transaction tracking platform, Lookonchain, shed light on the smart money’s investment strategies, highlighting a notable allocation towards Pepe Coinalong with Fantom (FTM) and Maker (MKR). Notably, the disclosure of significant investments in these assets underscores a calculated bet on the potential upside of selected cryptocurrencies amidst market uncertainty.

The altcoins favored by smart investors have sparked discussions in the market. Meanwhile, the Lookonchain insight highlighted that smart money, holding $23.3 million in assets, recently acquired Maker (MKR), Fantom (FTM), and Pepe Coin (PEPE). 

For Fantom, the investor spent 726 ETH, approximately $2.26 million, purchasing 3.18 million FTM on May 7. Earlier trades involved buying 3.39 million FTM for $1.13 million and selling it for $2.8 million, earning around $1.67 million. 

Simultaneously, in Maker, $1.25 million was used to buy 464 MKR at $2,697 and 379 ETH, worth $1.22 million, to buy 428 MKR at $2,846. In addition, the smart money invested $558,000 to acquire 70 billion PEPE on May 8. These moves provide valuable insights into the altcoin market, indicating trends and preferences among smart investors.

Smart Money Wallet
Source: Lookonchain, X
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Price & Performance Amid Recovery Signal

The strategic move of the smart money suggests a bullish outlook on Pepe Coin’s future performance, despite recent market volatility. Notably, the inclusion of Pepe Coin alongside Fantom (FTM) and Maker (MKR) in smart money portfolios indicates a discerning approach toward cryptocurrency investments. 

As investors seek refuge from the unpredictability of traditional markets, the allure of digital assets with strong fundamentals and growth potential becomes increasingly apparent. While the cryptocurrency volatility persists, the strategic allocation of capital towards Pepe Coin and other selected cryptos signals confidence in their resilience and long-term value proposition.

Meanwhile, as of writing, the Pepe Coin price was up 1.27% and traded at $0.000008713, while its trading volume rose 11% to $837.59 million. On the other hand, the CoinGlass data showed that the Pepe Coin Open Interest also soared 4.36% to 98.26 million. The surge in the OI also signals a bullish sentiment in the market over the meme coin.

On the other hand, the Maker price plunged 1.03% to $2,693.57, while the Fantom price slipped 1.01% to $0.7271.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.