PEPE coin's price continues to soar, reaching fresh all-time highs due to significant whale accumulation and a fourfold increase in active addresses within just one week. As the third-largest meme coin in the world, PEPE has seen an unstoppable rally. Over the past 24 hours, PEPE's price surged by another 12%, extending its weekly gains to over 80%. At press time, PEPE is trading at $0.0000166, with its market cap surpassing $7 billion, marking a new milestone. The recent rally is fueled by substantial investor interest, with daily trading volumes skyrocketing past $2.56 billion.
PEPE Coin Hits New All-Time High
PEPE has emerged as the third-largest meme coin, following Dogecoin and Shiba Inu, reaching a significant milestone. It has outperformed rival meme coins and 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 impressive performance has drawn the attention of wealthy investors. According to on-chain tracking platform Spot On Chain, 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.
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.
The price action for PEPE 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.
On-chain analysis firm Santiment reports a surge in active addresses holding PEPE, increasing from 3,600 to 12,000 between May 21 and May 22. A similar increase in PEPE-holding wallets was observed in mid-May, suggesting continued strong interest and accumulation among investors.
With these bullish indicators, PEPE is poised for further gains, solidifying its position as a leading meme coin in the cryptocurrency market.
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