Pepe reached a new all-time high in less than 24 hours as whales jumped on the meme coin’s roller coaster.
As a tribute to the 2000s Pepe the Frog internet meme, Pepe (PEPE) soon gained popularity among the crypto community after its launch in April 2023.
The meme coin has since risen by over 40,000%. PEPE reached an ATH of $0.000020 after trading platform Robinhood announced listing the crypto asset. The frog-themed token gained bullish momentum following a mild correction earlier today — reaching an ATH of $0.000025.
Pepe’s upward momentum started with Donald Trump’s victory in the U.S. presidential elections as the broader crypto market, including meme coins, saw notable growth.
The meme coin is still up 80% in the past 24 hours and is trading at $0.000022 at the time of writing. Its market cap is hovering at $9.8 billion, making it the 14th-largest crypto token in the sector.
PEPE price | Source: crypto.news
Pepe’s daily trading volume also rose by 313%, reaching a whopping $21.5 billion.
You might also like: Here are 5 reasons why Ethereum looks strong despite market volatility
Whales join the race
The whale activity around Pepe increased by over four times after the Robinhood announcement.
Large transactions consisting of at least $100,000 worth of PEPE rose from $405 million to $1.66 billion on Nov. 13, according to data from on-chain analysis platform IntoTheBlock.
PEPE large transactions | Source: IntoTheBlock
Whales made a total of over 3,000 such transactions yesterday alone.
On the other hand, Pepe recorded a massive selloff from its largest holders. Whales registered a net outflow of 1.11 trillion PEPE on Wednesday, per ITB data.
PEPE whale net flow | Source: IntoTheBlock
Selloffs from large holders usually trigger a sudden price plunge for crypto assets, especially the highly volatile meme coin class. This time, however, the retail accumulation seems to have neutralized the whale sale.
The Pepe price could see a price correction before another bull run due to the skyrocketing trading volume and whale activity.
Read more: Bitcoin surpassed $93k after CPI report; here are 2 more macro events to watch
