182 Billion $PEPE in One Hour: What's Happening?
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#### Frog-Themed Meme Coin PEPE Surges in Value, Eyes Market Flip
The frog-themed meme coin PEPE has seen a notable increase in value, suggesting a possible sell-off by large holders, or market whales. In the past 24 hours, PEPE has risen by 2.15% to $0.00001654, marking a 75% increase over the past week.
#### PEPE's Bullish Momentum
PEPE's recent rally has positively influenced other meme coins this month. Historically, PEPE has performed well in May. Data from Cryptorank shows that PEPE ended May 2023 with a 74.9% growth. This month, it has already achieved a remarkable 148.2% increase.
#### Record Highs and Whale Activity
This surge has driven PEPE to several all-time highs (ATH) this month, the latest being $0.00001718. On-chain data indicates that two newly created wallets withdrew 182.7 billion PEPE, valued at around $3.1 million, from OKX within an hour.
The significant withdrawal from exchanges suggests increased confidence, with holders less inclined to sell. While some may take profits, PEPE's whales appear cautious, as reflected in the concentration data from IntoTheBlock.
#### Potential Market Capitalization Flip
With the bullish trend, PEPE is close to surpassing Polygon in market capitalization. Currently, PEPE's market cap stands at $6.98 billion, while Polygon's is $7.21 billion. If the price rally continues, PEPE could potentially overtake not only Polygon but also other major cryptocurrencies like Near, Bitcoin Cash, and Tron, as it did with Ethereum Classic.
This rapid growth underscores PEPE's potential to make significant strides in the cryptocurrency market.
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