PEPE clinches 2-month high amid recent rally

Pepe (PEPE) recently clinched a 2-month high following an impressive momentum that picked up two days ago. Amid this bullish run, market participants have leveraged the asset’s recent rally to rake in profits.

As the buzz surrounding meme coins declined from late May to early June, PEPE dropped below the $0.000001 psychological support level on June 10 following a discouraging 17.5% intraday loss. The broader market-wide drop that saw BTC plummet below $25,000 contributed to this decline in PEPE’s price.

After the drop, PEPE consolidated below $0.000001 until June 17, when it surged to $0.00000105. However, the bears summarily snuffed out the asset’s momentum due to a lack of support from the broader market.

PEPE’s rally picked up on June 20 when support from the market eventually arrived. The asset rallied by over 13%, closing above the $0.000001 mark. A subsequent 28% rally saw PEPE reclaim a high of $0.00000147 the following day.

PEPE rallied to a peak of $0.00000179 on June 23 before facing stern opposition, resulting in modest declines. However, the latest rally from BTC triggered another PEPE run, leading to the recapture of the two-month high of $0.0000019 on July 3.

PEPE investors engage in profit-taking trades

Amid the latest rally, PEPE investors who procured the asset during its downtrend have begun observing profits on their holdings. Consequently, some market participants have engaged in profit-taking trades.

Blockchain surveillance system Lookonchain particularly called attention to an investor who recently capitalized on the rally to cash in on his PEPE investment. 

On-chain data suggests that this investor withdrew 945 billion PEPE worth $1.64 million from Binance three hours ago. This individual has since taken to selling his PEPE tokens for ethereum (ETH) in a series of transactions.

The first transaction saw the sale of 67.6 billion PEPE for 60 ETH ($117,259). Subsequent sales have each involved 15 ETH. So far, the investor has dumped over 203 billion PEPE for 180 ETH worth $351K+.

Meanwhile, PEPE’s latest rally has met resistance, leading to consistent declines. A bearish start to the morning saw PEPE drop to a low of $0.00000171. Despite a modest comeback, the meme coin is down 5.43% today.