In the current scenario, PEPE has registered an increase of 27.3% in the last week. This clearly shows that the immense sell off has not affected the token.
Investors kept an eye on Pepe since the day it got featured on an American News channel, Fox News.
Additionally, the data from Coinglass reveals that the Open Interest of Pepe reached a new high of $370.8 million, showing a 9% increase in the last 24 hours.
Pepe, a famous memecoin went through a robust whale selloff on December 8. However, it has not affected the price movement as it is still following an upward trajectory.
Today, On December 9, the prominent token witnessed an intraday high of $0.000027. After this, it has registered a new all-time high and also marked an increase of about 2000%, since the beginning of 2024.
It has resulted in making the memecoin a best-performing asset. The market capitalization of Pepe stood at more than $11.37 billion, with the latest rally taking the monthly gains to about 157%.
What does the data reveal?
The data of IntoTheBlock, a real time crypto market data provider notes that the large holder net inflows of 1.03 billion Pepe that accounted for $22.66 million transformed to a net outflow of about 1.96 trillion Pepe which accounted for $50.9 million as on December 8.
Whale sell-offs mainly result in the panic state which eventually leads to the price declination. In the current scenario, PEPE has registered an increase of 27.3% in the last week. This clearly shows that the immense sell off has not affected the token.
Investors kept an eye on Pepe since the day it got featured on an American News channel, Fox News. In that news channel, memecoin was said to be a good investment option along with Bitcoin.
Adding more to this, retail investors gathered to purchase the altcoin after the listing on prominent exchanges such as Coinbase and Robinhood.
A further rally in Pepe price
In November 2024, these customers allowed customers to buy Pepe and capitalize on its profits. As per the data from IntoTheBlock, an increase of 263% has been witnessed in the short term traders in the last 30 days. It took 80,450 unique addresses which eventually skyrocketed the price.
Additionally, the data from Coinglass reveals that the Open Interest of Pepe reached a new high of $370.8 million, showing a 9% increase in the last 24 hours. The term ‘PEPE’ was also trending on Google.
At the same time, the analysts from the industry expects a further rally in the price of Pepe after seeing a bullish pattern.
Captain Daivik reported that Pepe has came out of multi month symmetrical triangle pattern which could skyrocket the price to $0.000031 in short term, which is about 19% up from the current level.
