PEPE price hit a new all-time high of $0.00000102 earlier today, leaving competitors Dogecoin, Shiba Inu behind.
Large wallet investors have steadily accumulated PEPE consistently, scooping up the meme coin over the past week.
PEPE beat FLOKI and rival Baby Doge Coin to rank third in the meme coin category with a market capitalization of $421.83 million.
PEPE price hit a new all-time high, leaving meme coins Dogecoin and Shiba Inu behind, in trade volume. PEPE’s 24-hour trade volume spiked to nearly double that of Shiba Inu and the meme coin now ranks third in the category.
PEPE market cap explodes after meme coin hit new all-time high
PEPE, a meme coin inspired by the internet meme of Pepe the Frog has witnessed a massive spike in its market capitalization after the recent run up to its all-time high at $0.00000094. PEPE hit its all-time high earlier today, and its 24-hour trade volume exceeded that of Shiba Inu, the second largest meme coin in the category.
PEPE left competitors FLOKI and Baby Doge Coin behind with its market capitalization climbing above $421.83 million.
As seen in the price chart above, PEPE is currently in an uptrend. There is a bearish divergence on the Relative Strength Index (RSI) on the four-hour timeframe. This raises concerns regarding the sustainability of the meme coin’s recent gains.
Whales scoop up PEPE consistently
Large wallet investors holding upwards of 1,000,000 PEPE across four segments have consistently scooped up PEPE since April 26. Accumulation by whales persisted alongside a climb in the meme coin’s price, represented by the green line in the chart below.
Based on data from crypto intelligence tracker Santiment, whales holding between 10,000,000 to 100,000,000 PEPE, 100,000,000 and 1,000,000,000 coins and 1,000,000 and 10,000,000 PEPE tokens have added to their portfolio consistently.
Accumulation by whales is typically considered a bullish sign for the asset. The spike in PEPE price validates the bullish thesis of holders.
PEPE outperforms DOGE, SHIB, FLOKI
The internet meme cryptocurrencies massive price rally has left Shiba-Inu-themed competitors Dogecoin, Shiba Inu and FLOKI behind. These cryptocurrencies rank in the top five in the meme coin category with their relevance and high market capitalization.
PEPE’s meteoric rise to the top has turned the spotlight away from key assets of the meme coin category. While Shiba-Inu-themed cryptocurrencies’ price catalysts vary from technical updates and rollouts to future utility in payments across social media platforms, one of PEPE’s catalysts is the meme coin’s rising popularity as an internet meme.
It remains to be seen whether PEPE’s gains are sustainable enough to displace DOGE and SHIB’s dominance among meme coin holders in the crypto community.
PEPE trader turns 1 Ether to 900 ETH as the meme coin explodes
A trader who acquired 5.5 trillion PEPE for 1 Ether nearly two weeks ago realized his gains and sold 3.3 trillion tokens for 900 ETH. The trader turned a profit of 899% in these trades.
The trader holds 2.2 trillion PEPE in their portfolio, after completing the above trades. With PEPE hitting its all-time high, the trade multiplied their gains within a two-week time frame.
