PEPE’s market cap surpasses $4.4 billion amid the meme coin sector rally.
Solana-based meme tokens ROAR and GME also see significant gains.
Whales take profits despite PEPE’s sustained climb, signalling investor activity.
With a market capitalization that is astoundingly over $4.4 billion, PEPE, a memecoin with a frog theme, has reached new heights. This rise is representative of the recent movement and was sparked by a sector-wide rally caused by the comeback of GameStop trader Roaring Kitty.
Significant gains have also been made by other meme coins that rank among the top 30 by market capitalization and Solana-based tokens known as ROAR and GME. PEPE saw a remarkable 24 percent increase in value in just 24 hours, peaking on Binance at $0.00001119 which is a very substantial value rise.
Whales have taken profits after the $PEPE price recorded a new ATH (24H)! Have you taken yours?1. Early holder 0x647 deposited 250B $PEPE ($2.69M) to #Binance ~12 hours ago.– The whale has 42.4B $PEPE ($424K) left with a total profit of $3.96M (+8,833%).2. Whale 0xa4f 123.7B… pic.twitter.com/AxUxvMSYac
— Spot On Chain (@spotonchain) May 14, 2024
PEPE’s ascent is similar to that of other well-known meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Popcat (POPCAT), Floki (FLOKI), Bonk (BONK), Roaring Kitty (ROAR), and GameStop (GME).
Among the biggest things that happened on Monday was when Roaring Kitty uploaded an enigmatic picture to X. Meme coins gained new interest as traders took this to mean that he would be back. PEPE has managed to hold onto its gains even if big wallet investors have made a sizable profit.
pic.twitter.com/YgjVqtgcNS
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
As per the information supplied by SpotOnChain, whales and early PEPE holders have already started to benefit from the coin’s explosive growth. Notable in particular is the $250 billion PEPE deposit made by early holder 0x647 onto Binance, totaling $2.69 million. In the meanwhile, another whale, 0xa4f, sold 123.7 billion PEPE for 1.31 million USDC, making a 20.5% profit on their PEPE holdings in just three days.
Usually, selling pressure from whales taking profits slows down price momentum. To the contrary of expectations, PEPE has maintained its rising trend into Tuesday. The amazing surge that PEPE has gone through is proof of the growing strength and popularity of meme coins in the cryptocurrency market. Their unabated rise has investors and fans alike enthralled with its speed. Even so, there are now pressures to take profits.
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The post Memecoin PEPE Token Surges to Record High Topping $4.4B Market Cap, Can WIF, SHIB, BONK, or DOGE Meet This Rally? appeared first on Crypto News Land.
