The cryptocurrency market continues to expand rapidly as several altcoins set new all-time highs. Among them, the meme coin PEPE has attracted attention after being listed on major exchanges and whale trading increased. After the strong price surge of altcoins like XRP and TRX, many believe that PEPE could be the next altcoin to explode.
Recent Increase of PEPE Coin and Whale Activity
PEPE has shown impressive recent growth, marking a new all-time high. This increase comes after several major exchanges listed it and increasing hype within the meme coin community. Meme coins are also attracting significant attention from whales, large investors who also have a major influence on the price volatility of cryptocurrency assets. The most recent listing was announced by Binance on December 4.
In the recent past, a whale withdrew nearly $7 million worth of PEPE from Binance, according to blockchain data from Lookonchain. This indicates that selling pressure is gradually diminishing. PEPE is trading at $0.00002135 in the past 24 hours with a price increase of 4%.
Enhanced Adoption and Market Sentiment
One of the signs that PEPE may be preparing to rise and move to the next level could be the increasing number of wallets holding this token.
Using Etherscan statistics, demand for PEPE has attracted new market investment as the holder base has increased to a total of 334,000 wallet addresses. This increase in holders means that retail and institutional investors are currently taking PEPE seriously as a meme coin.
Additionally, PEPE has been integrated into Coinbase Prime, and listings on platforms like Coinbase and Robinhood have boosted the credibility of this coin. These listings increase the liquidity of PEPE as it can reach more investors as well as increase the potential to attract new buyers.
The Position of Altseason and PEPE Coin in the Market
The cryptocurrency market is currently in the midst of an altcoin season, as capital flows out of BTC and into other coins. Since Bitcoin stopped growing and even went sideways, most altcoins have begun to attract the interest of investors.
For example, XRP has witnessed a strong price surge, increasing over 400% in November. Tron (TRX) has also seen significant growth, recently surpassing its previous all-time high with a value increase of 70%.
For instance, XRP has increased over 420%, reaching a seven-year high in just one month. Tron (TRX) has also increased by over 70% to surpass its previous all-time high.
PEPE is also part of other meme coins that have increased in value after the recent US presidential election. With increasing attention from both whales and smaller investors, PEPE seems to be riding the wave of capital shifting to altcoins. However, the altcoin season may not unfold as easily as before.
CryptoQuant's Insights on Altseason
The CEO of CryptoQuant, Ki Young Ju, has warned that this altcoin season may not unfold as many traders expect. According to him, while market sentiment is strong, there is no new liquidity entering the market, which could pose challenges for most altcoins under normal growth conditions. During this period, only a few cryptocurrencies are likely to see significant increases.
The altcoin market is facing challenges, as the correlation between Bitcoin and other altcoins that previously fueled their growth is weakening. The lack of new liquidity and the shift towards paper-based layer 2 solutions of Bitcoin could lead to a fragmented market, where only a few standout assets remain.
Despite these challenges, PEPE seems to be in a good position to capitalize on the current trend. With strong whale activity and increasing adoption, the meme coin may be one of the chosen assets to experience further growth, potentially reflecting the success of altcoins like XRP and TRX.
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