In recent weeks, several altcoins have emerged, achieving double-digit and even triple-digit gains at times.
Could PEPE be next? Some whale activity suggests this.
The rebound of alts
The current crypto environment calls for the arrival of altcoins. It all began after Donald Trump achieved a decisive victory in the U.S. presidential election, when DOGE soared to new highs alongside BTC, possibly due to the asset's connection to Elon Musk.
Since then, Bitcoin has stagnated and entered a consolidation mode, while Dogecoin has tended to calm down. However, many other altcoins have begun to emerge frequently. XRP is at the forefront of these rebounds, soaring over 420% within a month, reaching a seven-year high and becoming the third-largest cryptocurrency by market capitalization.
In the past 24 hours, two more shining stars have risen—Tron and Binance Coin. Both have broken through previous all-time highs, especially the former. TRX surged over 70%, jumping above $0.43, reaching a new high.
Other noteworthy competitors include XLM, HBAR, DOT, and AVAX. Now, the community has begun to speculate on which altcoin will be next.
Is PEPE next?
After Trump's victory, the value of the third-largest meme coin also skyrocketed, reaching an all-time high of $0.00002457 on November 14 (CoinGecko data). Prior to this, the coin had been listed on major exchanges multiple times, and the community had become increasingly vibrant.
However, similar to DOGE, it fell back in the following weeks, currently dropping below $0.000021, a 15% gap from last month's peak. It has remained in a wait-and-see mode, focusing on many of the aforementioned assets.
However, some large investors (i.e., whales) seem to be shifting their attention back to it, which may signal further rebounds. Data from Lookonchain shows that in the past 20 days, a whale accumulated and extracted nearly $7 million worth of PEPE. Such large-scale purchases and extractions typically precede price increases due to decreased available supply and immediate sell-off pressure.
