The popular meme cryptocurrency Pepe Coin (PEPE) has been making headlines again, this time due to some intriguing on-chain activity. According to reports, a savvy investor has offloaded a massive 118.5 billion PEPE tokens to the Kraken exchange.

This transaction is noteworthy for a few reasons. First, the investor is considered "smart money" - a term used to describe experienced, sophisticated traders. Their decision to cash out such a large position has sparked concerns among the broader PEPE community.

The smart money address purchased the 118.5 billion PEPE tokens back in November 2023 for just $0.13 million. By selling them now, the investor has realized an impressive 11-fold return, pocketing $1.48 million.

This dump of PEPE tokens to an exchange is often seen as a bearish signal, as it suggests the smart money is taking profits and potentially anticipating a price decline. Indeed, the PEPE price has been quite volatile in the past 24 hours, trading in both positive and negative territory.

Interestingly, recent reports have also shown an increase in PEPE transfers to exchanges, further fueling investor concerns about the meme coin's future price trajectory. The monthly chart for PEPE also shows a 20.82% decline, potentially justifying the smart money's decision to cash out.

However, it's worth noting that the broader market sentiment around Pepe Coin remains optimistic, especially with the recent launch of PEPU, the project's Layer 2 solution. This development has sparked hope for Pepe Coin's long-term prospects.

As the PEPE market continues to navigate this turbulent period, investors will be closely watching for any further signs of smart money activity and the overall direction of the meme coin's price.