Pepecoin falls nearly 50% from highs due to traders taking profits for Ether

Some pepe buyers have made a lot of money after getting in at the very beginning.

Pepecoin (PEPE) holders may be taking profits on their positions following one of the most spectacular increases in the history of alternative currencies (altcoins) with a rise of nearly 5,000,000% over the past weeks.

In just over three weeks since its issuance in mid-April, the tokens have experienced a significant drop of almost 45% from its peak of $0.00000431 on Friday. This has led to a decrease in market capitalization, which had reached $1.8 billion.

Following the release of many pepe-tracked futures in the previous week, this price decline was likely exacerbated by traders taking gains on their positions or using advanced trading strategies.

Profits from Pepecoin (PEPE) being converted into Ether (ETH)

It is probable that these profits are being converted into ether (ETH), which has recently reached a record-breaking level of deposits to exchanges since November 2021, when it achieved a lifetime high of $4,500.

According to a tweet published on Monday by on-chain analytics firm Santiment, the rising number of ether deposits may be the result of traders profiting from their pepe positions.

“Exchange addresses interacting on the network is now at its highest level since November, 2021. As expected, $ETH is showing decoupling signs and on the cusp of breaking $2k once again,” Santiment said.

A few traders have managed to transform small amounts of money into vast fortunes in just a few days by investing in pepe coins immediately after they were released.

Content Source: coindesk.com

The post Pepecoin falls nearly 50% from highs due to traders taking profits for Ether appeared first on NFT News Pro.