PEPE Whale Activity Bursts as Price Rises to New ATH

PEPE is up 21% in the past 24 hours, trading at $0.0000102 as of this writing. The asset reached an all-time high of $0.0000109 on March 13 at 16:40 UTC. Pepe currently has a total market cap of $4.3 billion and a daily trading volume of $2.15 billion.

According to data provided by Santiment, whale transactions consisting of at least $100,000 worth of PEPE surged 416% in the past 24 hours, from 135 to 697 transactions per day.

The data shows an increase in trading activity for the frog-themed meme coin. According to Santiment, PEPE exchange inflows have grown 255% in the past day and are currently hovering at 8.03 trillion tokens.

Similarly, the asset’s exchange outflows have also increased by 240% in the past 24 hours and currently stand at 6.73 trillion PEPE, according to the market intelligence platform.

PEPE currently has a net inflow of 1.3 trillion tokens on exchanges. These movements could trigger a short-term sell-off as whales take profits at this price.

Additionally, the PEPE relative strength index (RSI) has been rising consistently since May 9. According to Santiment, the memecoin’s RSI is hovering around the 70 mark, which suggests that PEPE is overvalued and overheated in these market conditions.

Due to the heightened whale activity and the increase in the relative strength index (RSI), PEPE’s price is expected to see significant volatility until further movement is seen.

As crypto.news reported on May 13, the memecoin ecosystem recorded significant gains as the market gained momentum. The top gainers were Pepe, DOGE, SHIB, and FLOKI.

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