PEPE could fall by 10% if it fails to sustain crucial support levels. Pepe (PEPE) trading volume rose by 70% amid this heavy selling pressure. A smart trader made $15.62 million from trading PEPE and MOG. The crypto market is in a downturn, with Bitcoin (BTC) and Ethereum (ETH) falling by 6% and 7% respectively in the last 24 hours. This drop has increased selling pressure, leading both large investors and regular traders to take profits. So it seems like as fear grips the market, a select few are capitalizing on the chaos. Who are these savvy traders, and what secrets do their moves reveal about the market’s future? In the middle of this market drop, a clever trader has made a huge profit of $15.62 million by trading Mog (MOG) and Pepe (PEPE) tokens, according to on-chain analytics firm Lookonchain. Lookonchain revealed on X (formerly Twitter) that this trader bought a massive 515.42 billion PEPE tokens for $861,000 from KuCoin in 2023. Recently, the trader sold 95 billion PEPE tokens for $1.08 million. With their remaining PEPE holdings now worth $4.18 million, the total profit from PEPE has reached $4.4 million. What a smart trader! This guy made $11.22M(+4274%) on $Mog and $4.4M(+510%) on $PEPE! He spent 138.4 $ETH($262.5K) to buy 7.1T $Mog from Aug 20 to Dec 17, 2023, and sold 786B $Mog for 375 $ETH($1.29M) from May 27 to Aug 1, 2024, leaving 6.3T $Mog($10.2M). He withdrew 515.42B… pic.twitter.com/vVlZvyi9Sz Profits from MOG Tokens The same trader also purchased 7.1 trillion MOG tokens for $262,500 in 2023. Between May and August 2024, they sold 786 billion MOG tokens for $1.29 million, earning a remarkable profit of $11.22 million. Despite selling off a significant amount, the trader still holds 420.42 billion PEPE tokens and 6.3 trillion MOG tokens in a new wallet. The selling pressure has led PEPE to drop more than 13% in the last 24 hours. However, its trading volume has increased by 70%, showing more activity from investors and traders. On the other hand, MOG has fallen over 21% in the same period. Technical analysis suggests that PEPE is approaching a key support level at $0.000010. If it fails to hold this level, it could drop another 10%. Since February 2024, PEPE has consistently stayed above the 200 Exponential Moving Average (EMA). Right now, it’s close to this EMA, and it might either stabilize or see a price reversal soon. As the market continues to fluctuate, one thing’s for sure: profits can be made amidst chaos. What’s your strategy?
Tags: Cryptocurrency, Whale