182 Billion PEPE in One Hour, What’s Happening?

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As a seasoned crypto investor with a knack for spotting trends in the meme coin market, I’ve witnessed PEPE‘s meteoric rise with a mix of excitement and caution. The token’s recent surge, fueled by its historical patterns in May and bullish sentiment among other meme coins, has seen it soar to new heights, setting multiple all-time highs (ATH).

PEPE, the meme coin with a frog theme, has experienced a significant increase in value recently, raising concerns among investors about an imminent price drop due to potential selling from large market players. In just the last day, PEPE‘s value has risen by 2.15% to $0.00001654. Over the past week, its value has skyrocketed by more than 75%.

As an analyst, I’ve observed that the PEPE rally has been leading the charge for meme coins this May, with a bullish momentum that’s historically strong for this cryptocurrency. According to Cryptorank data, PEPE concluded May 2023 with a remarkable growth of 74.9%. While this is an impressive figure, it falls short of the staggering 148.2% increase we’ve seen so far this month.

This significant surge in value has allowed meme token PEPE to reach several new record highs (ATH) during the current month. According to blockchain data, PEPE reached its most recent ATH just hours prior, with the token peaking at a price of $0.00001718. After this rapid increase in value, cryptocurrency analytics platform Lookonchain has indicated that two newly created wallets have withdrawn over 182.7 billion PEPE, equivalent to around $3.1 million, from OKX within an hour’s timeframe.

A large number of PEPE tokens being transferred out of exchanges could signify confidence in the asset, indicating that many holders may be reluctant to sell. Although a small percentage of investors might be cashing out their PEPE holdings, the token’s major players appear cautious based on IntoTheBlock’s holder distribution analysis.

In the current market surge for PEPE, the digital token is on the brink of surpassing Polygon in terms of total market value.

From my perspective as an analyst, as of now, PEPE‘s market capitalization stands at approximately $6.98 billion, whereas Polygon’s is slightly higher at around $7.21 billion. If PEPE’s current price surge persists in the near to medium-term, it has the potential to surpass not just Polygon but also other cryptocurrencies such as Near, Bitcoin Cash, and Tron, based on their current market capitalizations. This trend mirrors PEPE’s previous ability to overtake Ethereum Classic.

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2024-05-27 18:18