The PEPE price continues to hit fresh all-time highs amid high accumulation by whale and the surge in the active addresses by 4x in just one week.
largest meme coin PEPE seems to be unstoppable. In the last 24 hours, the PEPE Coin price has surged by another 12% extending its weekly gains to more than 80%. As of press time the PEPE price is trading at $0.0000166 with its market cap crossing $7 billion hitting a fresh milestone. The recent rally in PEPE comes amid huge investor interest as the daily trading volumes have skyrocketed past $2.56 billion.
PEPE Coin Hits New All-Time High
PEPE has become the third-largest meme coin, following Dogecoin and Shiba Inu, to reach a significant milestone. The token has not only outperformed rival memecoins but also surpassed the broader cryptocurrency market, achieving a 135% gain over the past month. Year-to-date, the Ethereum-based cryptocurrency has delivered a 12x return to its holders.
This rally has attracted the attention of wealthy investors. On-chain tracking platform Spot On Chain reported that a whale withdrew 1.32 trillion PEPE tokens from Binance over the last five days. At the current price, this whale’s PEPE portfolio has generated a 21% return.
In the past 5 days, a whale withdrew 1.323T $PEPE from #Binance at ~$0.00001378 (est. cost: $18.2M).
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… pic.twitter.com/nsTpdLwlzu
— Spot On Chain (@spotonchain) May 27, 2024
What’s Behind the Price Rally?
PEPE’s recent stellar performance aligns with the optimistic sentiment in the cryptocurrency industry following the approval of spot Ethereum ETFs.
Pepe’s price action remains bullish as buyers resist efforts to drive the price down. Strong support has formed around the $0.00001380 level, which has been tested twice. Additionally, PEPE is establishing higher lows and higher highs, indicating a rising uptrend. The price is also trading above the 50-day and 200-day simple moving averages (SMA), further reinforcing the bullish outlook.
PEPE is poised for further rallying, with on-chain analysis firm Santiment reporting a surge in active addresses holding PEPE from 3,600 to 12,000 between May 21 and May 22. A similar increase in PEPE-holding wallets was observed in mid-May.