Pepe (CRYPTO: PEPE) has recently emerged as a noteworthy player in the meme coin market, demonstrating a capacity to closely track the leaders in terms of weekly gains. However, despite its recent positive performance, one of the meme coin market’s prominent traders, Intuitio, has offered a cautionary note regarding Pepe’s future trajectory, forecasting a potentially flat performance for the coin in the coming months.
Intuitio’s assessment comes despite describing Pepe’s current weekly chart as “most beautiful.” The trader’s warning suggests a degree of caution for investors, particularly concerning adding to long positions in Pepe. Intuitio points out that Pepe currently sits “right under weekly resistance and round number,” indicating potential obstacles that could impede further upward momentum.
In a significant development, data from Lookonchain has revealed a substantial investment in Pepe by a smart money investor. This investor allocated 1.26 million USDC to purchase 142.96 billion PEPE at a price of $0.000008831. Impressively, this investor has engaged in seven Pepe trades over the past six months, achieving an impressive win rate of 85.7% and accruing a total profit of $915,000.
Despite Intuitio’s cautionary stance, IntoTheBlock data highlights a growing positive sentiment surrounding Pepe. The data indicates a 2.2% increase in Pepe’s hodlers balance, suggesting a favorable outlook among holders of the meme coin. Notably, approximately 86% of Pepe holders are currently in a profitable position, while only 1% are at a loss, and around 13% are at breakeven.
It’s worth noting that Pepe’s price correlation with Bitcoin is relatively low at 0.09, compared to the stronger correlation observed between the leading meme coins, Dogecoin and Shiba Inu.
At the time of writing, PEPE is trading at $0.000008806, reflecting a 3.6% increase over the past 24 hours and a notable 26.4% increase over the past seven days.
Looking ahead, the meme coin market’s evolution and the increasing institutionalization of Bitcoin as an asset class are expected to be key topics of discussion at Benzinga’s forthcoming Future of Digital Assets event on Nov. 19. As investors navigate the dynamic landscape of meme coins, continued monitoring of Pepe and other prominent meme coins will be essential for identifying potential investment opportunities and assessing market sentiment.