As an experienced analyst, I have closely monitored the cryptocurrency market for years, and I cannot help but be impressed by the meteoric rise of PEPE Coin. In the last few days, PEPE has surpassed my expectations with its unstoppable rally, reaching new all-time highs and crossing a $7 billion market cap.
The relentless surge of the third-largest meme coin, PEPE, continues unabated. In just the previous 24 hours, PEPE’s coin price has soared by an additional 12%, boosting its weekly growth to over 80%. At this moment, PEPE’s price stands at $0.0000166, and its market capitalization has surpassed the $7 billion mark, reaching a new record-high. The recent escalation in PEPE’s price is driven by intense investor enthusiasm, with daily trading volumes exceeding $2.56 billion.
PEPE Coin Hits New All-Time High
As a crypto investor, I’m thrilled to see PEPE making waves in the meme coin space. It has managed to secure the third position among its peers, with Dogecoin and Shiba Inu leading the way. Not only has it outperformed other memecoins, but it has also surpassed the broader cryptocurrency market with a impressive 135% gain over the last month. And if that’s not enough, PEPE has delivered an astounding 12x return to its holders since the beginning of this year.
Wealthy investors have been drawn to this rally by an intriguing development. According to the monitoring platform Spot On Chain, a large investor, or “whale,” withdrew approximately 1.32 trillion PEPE tokens from Binance within the past five days. Given the current token price, this whale’s PEPE investment has yielded a profit of around 21%.
Over the past five days, I’ve identified that a large whale has withdrawn an impressive sum of 1.323 trillion PEPE tokens from Binance. The average transaction price was approximately $0.00001378, which translates to an estimated cost of around $18.2 million.
Now, with the price surging 81% (7D) to a new ATH, the whale’s PEPE holding is worth $22.1M (+21%)!
Will the whale dump with these $PEPE soon? Follow @spotonchain and set alerts…
— Spot On Chain (@spotonchain) May 27, 2024
What’s Behind the Price Rally?
PEPE’s exceptional recent results are in line with the positive outlook prevalent in the crypto sector, fueled by the acceptance of Ethereum ETFs for trading.
Pepe’s price trend remains optimistic as buyers successfully thwart attempts to decrease its value. A robust support zone has emerged near $0.00001380, which has been challenged on two occasions. Moreover, PEPE is exhibiting a pattern of increasing lows and highs, suggesting a flourishing uptrend. The current trading price hovers above the 50-day and 200-day SMAs, adding credence to the bullish prediction.
As a crypto investor, I’m excited about the potential growth of PEPE. According to Santiment, an on-chain analysis firm, there has been a significant surge in the number of active addresses holding PEPE. This number jumped from 3,600 to 12,000 between May 21 and May 22. I also noticed a similar increase in PEPE-holding wallets around mid-May. These trends suggest that there is increasing interest and activity surrounding this cryptocurrency, which could lead to further rallying.
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2024-05-27 08:37