In the cryptocurrency landscape, meme coins are making waves and experiencing massive upside momentum, including PEPE, WIF, and BONK. Amid this, traders holding billions of PEPE tokens are now moving to centralized exchanges (CEXs) to take profits. On May 22, 2024, an on-chain analytics firm, Lookonchain, made multiple posts on X (previously Twitter) observing that two smart traders had deposited a massive 384 billion PEPE tokens worth $5.36 million to Bybit and Binance in the last 24 hours.
Trader dumps $5.3 million PEPE tokens to Bybit and Binance
According to Lookonchain’s post, this massive PEPE deposit took place during Asian trading hours. The first trader deposited a massive 182.9 billion PEPE tokens worth $253 million to the world’s biggest cryptocurrency exchange, Binance. This smart trader had spent nearly 0.22 Ethereum, worth $462, to buy 324.9 billion PEPE tokens on April 15, 2023, and now sold all of his PEPE holdings for a massive $3.4 million.
Another smart trader deposited 201.85 billion PEPE tokens worth $2.83 million to Bybit to make a profit. Lookonchain also highlighted that this trader had traded PEPE tokens three times and made a profit each time, with a win rate of 100%. To date, this smart trader has made a total profit of over $2.48 million with just PEPE.
This massive dump in PEPE comes amid a significant price surge of over 120% in the last 30 days, highlighting that traders are feeling uncertain as PEPE is trading above its all-time high. However, the open interest (OI) for PEPE has significantly increased in the last 24 hours. PEPE’s OI value has increased by 45%, indicating strong investor and trader participation in PEPE tokens.
PEPE technical analysis and price analysis
Despite this massive dump, PEPE is currently trading near $0.000013 and, in the last 24 hours, experienced a substantial 30% upside momentum. Over the past seven days, PEPE has experienced a 25% upside move.
According to expert technical analysis, the massive price surge that PEPE experienced in the last 30 days is due to the breakout of a bullish inverted head and shoulder price action pattern. Additionally, PEPE is looking bullish and is trading near its all-time high.
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Besides PEPE, other top meme tokens like DOGE, SHIB, WIF, and BONK also experienced decent upside momentum of 3%, 2%, 2.5%, and 5%, respectively, in the last 24 hours.
