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Smart money is displaying significant activity in meme coins, particularly around Pepe (CRYPTO: PEPE).
What Happened: According to Nansen's on-chain data, Smart Money addresses — which represent experienced and strategic cryptocurrency investors — have been actively accumulating Pepe as well as Blur (CRYPTO: BLUR)
Nansen's insights reveal that Pepe ranks ninth among accumulated cryptocurrencies, with sales reaching $1.09 million and inflows totaling $5.42 million, according to Invezz.
Blur emerged as a prominent asset, achieving $1.17 million in net sales and securing the sixth spot with $36.36 million in exchange outflows.
Pepe is currently trading up around 25% over the past 24 hours and a 630% increase over the past month, aligning with the timing of Smart Money's investments.
On the other hand, Blur has shown resilience with a 3% rise in its 24-hour trading price to $0.6713, and a 15% increase over the last 30 days.
Ethereum (CRYPTO: ETH) itself secured the fourth position with Smart Money transactions amounting to approximately $4.72 million, leading to a substantial $277.94 million in inflows.
This data underscores the growing investor interest in these altcoins, alongside Ethereum, AAVE (CRYPTO: AAVE), and Curve (CRYPTO: CRV), which were also highlighted in Nansen's analysis.
Also Read: SEC Chair Gary Gensler Declines To Say Whether Ethereum Is A Commodity: 'It's About Circumstances'
Why It Matters: The cryptocurrency market has experienced a robust bullish trend over the past month, with Ethereum and Pepe witnessing significant price increases.
Nansen's findings highlight the confidence that seasoned cryptocurrency traders have in the potential of Pepe and Blur.
Despite the inherent volatility of the crypto market, the strategic investments by Smart Money investors suggest a positive outlook for these digital assets in the near future.
Read Next: Did Tesla Buy More Bitcoin? Mysterious Wallet Increase Sparks Speculation
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