PEPE price is hitting fresh all-time highs amid more whale accumulation and a 4x increase in active addresses in just one week.
The rally in PEPE, the world’s third largest meme coin, is unstoppable. In the last 24 hours, PEPE Coin’s price has increased by another 12%, extending its weekly gain to over 80%.
As of press time, PEPE is trading at $0.0000166 with its market cap crossing a fresh milestone of $7 billion. The recent rally in PEPE has come amid strong investor interest as daily trading volume has crossed $2.56 billion.
PEPE Coin has hit new all-time highs.
PEPE has become the third largest meme coin after Dogecoin and Shiba Inu, reaching a significant milestone. Not only has the token outperformed rival memecoins, it has also outperformed the broader cryptocurrency market, gaining 135% over the past month. Year-to-date, the Ethereum-based cryptocurrency has returned 12 times to its holders.
The rally has attracted the attention of wealthy investors. On-chain tracking platform Spot On Chain reported that a whale had withdrawn 1.32 trillion PEPE tokens from Binance in the past five days. At the current price, this wheel’s PEPE portfolio has yielded 21%.
What is behind the price rally?
PEPE’s recent outperformance is consistent with optimistic sentiment in the cryptocurrency industry following the approval of spot Ethereum ETFs.
Pepe’s price action remains bullish as buyers resist price-cutting efforts. Strong support has formed around the $0.00001380 level, which has been tested twice. Additionally, PEPE is making higher lows and higher highs, indicating an uptrend. The price is also trading above the 50-day and 200-day simple moving averages (SMA), further reinforcing the bullish outlook.
PEPE is poised to rally further, with on-chain analytics firm Santiment reporting an increase in active addresses holding PEPE from 3,600 to 12,000 between May 21 and Ma
