🔥🔥🔥 182 Billion $PEPE in One Hour, What's Happening?
Frog-Themed Meme Coin PEPE Surges in Value, Eyes Market Flip
- Frog-themed meme coin PEPE has experienced a significant surge in valuation, positioning it for a potential sell-off by market whales. Over the past 24 hours, PEPE has increased by 2.15% to $0.00001654, with a notable 75% rise over the past week.
PEPE's Bullish Momentum
- The rally in PEPE has set a positive tone for other meme coins this month. Historically, PEPE has shown strong performance in May. According to Cryptorank data, PEPE ended May 2023 with a 74.9% growth. This month, it has already recorded a remarkable 148.2% increase.
Record Highs and Whale Activity
- This substantial surge has propelled PEPE to multiple all-time highs (ATH) this month. The latest ATH was reached at $0.00001718. On-chain data reveals that two newly created wallets withdrew 182.7 billion PEPE, worth approximately $3.1 million, from OKX in less than an hour.
- The large movement of PEPE from exchanges suggests a vote of confidence, indicating reduced willingness to sell. While some holders might take profits, PEPE's whales appear cautious, as seen in the concentration by holders data from IntoTheBlock.
Potential Market Capitalization Flip
- Amid the bullish trend, PEPE is on the verge of surpassing Polygon in market capitalization. Currently, PEPE's market cap is $6.98 billion, compared to Polygon's $7.21 billion. If the price rally continues, PEPE might not only flip Polygon but also other major #cryptocurrencies like Near, Bitcoin Cash, and Tron, just as it surpassed Ethereum Classic.
- This rapid growth highlights PEPE's potential to make significant strides in the cryptocurrency market.
Source - u.today
