The PEPE price keeps reaching new all-time highs due to heavy buying by large investors (whales) and a fourfold increase in active addresses within just one week.
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The rally in PEPE, the world’s third-largest meme coin, shows no signs of slowing down. In the past 24 hours alone, PEPE Coin’s price surged by another 12%, extending its weekly gains to over 80%. As of now, PEPE is trading at $0.0000166, and its market cap has surpassed $7 billion, reaching a new milestone. This surge in PEPE’s value is fueled by significant investor interest, with daily trading volumes soaring past $2.56 billion.
PEPE Emerges as Third-Largest Meme Coin with Impressive Milestone
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PEPE has secured its position as the third-largest meme coin, following Dogecoin and Shiba Inu, by achieving a significant milestone. The token has not only outpaced its meme coin competitors but has also surpassed the broader cryptocurrency market with a remarkable 135% gain over the past month. Year-to-date, this Ethereum-based cryptocurrency has delivered an impressive 12x return to its holders.
The rally in PEPE has caught the attention of wealthy investors. According to on-chain tracking platform Spot On Chain, a whale withdrew 1.32 trillion PEPE tokens from Binance in the last five days alone. At the current price, this move has yielded a substantial 21% return for the whale’s PEPE portfolio.
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Source: X
PEPE Shows Strong Performance Amid Optimistic Market Sentiment
PEPE has shown remarkable performance recently, reflecting the positive sentiment in the cryptocurrency industry following the approval of spot Ethereum ETFs.
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The price action of PEPE remains bullish, with buyers successfully defending against attempts to push the price lower. A robust support level has formed around $0.00001380, tested twice recently. Additionally, PEPE is forming higher lows and higher highs, signaling an upward trend. Trading above both the 50-day and 200-day simple moving averages (SMA) further reinforces the bullish outlook.
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PEPE appears poised for continued gains, supported by data from on-chain analysis firm Santiment, which noted a significant increase in active addresses holding PEPE. Between May 21 and May 22, the number of active PEPE-holding addresses surged from 3,600 to 12,000. A similar uptick in PEPE-holding wallets was observed earlier in mid-May.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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