Smart Money addresses, which represent experienced and strategic cryptocurrency investors, have been actively engaging in the accumulation of meme coins, particularly Pepe (CRYPTO: PEPE) and Blur (CRYPTO: BLUR), as revealed by insights from Nansen’s on-chain data. This data provides valuable insights into the behavior of seasoned traders in the cryptocurrency market.
Pepe, currently ranking ninth among accumulated cryptocurrencies, has seen notable activity, with sales reaching $1.09 million and inflows totaling $5.42 million. This indicates a significant interest and investment in Pepe among Smart Money participants. Meanwhile, Blur has also garnered attention, achieving $1.17 million in net sales and securing the sixth spot with $36.36 million in exchange outflows. The accumulation of these meme coins suggests that Smart Money investors see potential value in these assets.
The recent performance of Pepe further supports this notion, with the coin experiencing a 25% increase in trading price over the past 24 hours and a remarkable 630% increase over the past month. This upward trend aligns closely with the timing of Smart Money’s investments, indicating that their strategic moves have contributed to the coin’s surge in value. Despite the inherent volatility of the cryptocurrency market, the consistent rise in Pepe’s value suggests growing confidence among investors, particularly those with experience and strategic insight.
In contrast, Blur has demonstrated resilience in its trading performance, with a 3% rise in its 24-hour trading price and a 15% increase over the last 30 days. This indicates a steady interest and investment in Blur, further supported by Smart Money’s involvement in the asset.
Moreover, Ethereum (CRYPTO: ETH) has also attracted Smart Money transactions, amounting to approximately $4.72 million, resulting in substantial inflows of $277.94 million. This highlights the broader interest of seasoned investors in altcoins, including Ethereum, AAVE (CRYPTO: AAVE), and Curve (CRYPTO: CRV), as identified in Nansen’s analysis.
Overall, the strategic investments made by Smart Money investors in Pepe, Blur, and other altcoins underscore their confidence in the potential of these digital assets. While the cryptocurrency market remains volatile, the involvement of experienced traders suggests a positive outlook for these assets in the near future.