Smart Money Flocks To PEPE & These Major Cryptos, A Recovery Ahead?
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 market, the 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.
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 Coin, along 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.
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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