The PEPE price keeps reaching new all-time highs due to heavy buying by large investors (whales) and a fourfold increase in active addresses within just one week.
The rally in PEPE, the world’s third-largest meme coin, shows no signs of slowing down. In the past 24 hours alone, PEPE Coin’s price surged by another 12%, extending its weekly gains to over 80%. As of now, PEPE is trading at $0.0000166, and its market cap has surpassed $7 billion, reaching a new milestone. This surge in PEPE’s value is fueled by significant investor interest, with daily trading volumes soaring past $2.56 billion.
PEPE Emerges as Third-Largest Meme Coin with Impressive Milestone
PEPE has secured its position as the third-largest meme coin, following Dogecoin and Shiba Inu, by achieving a significant milestone. The token has not only outpaced its meme coin competitors but has also surpassed the broader cryptocurrency market with a remarkable 135% gain over the past month. Year-to-date, this Ethereum-based cryptocurrency has delivered an impressive 12x return to its holders.
The rally in PEPE has caught the attention of wealthy investors. According to on-chain tracking platform Spot On Chain, a whale withdrew 1.32 trillion PEPE tokens from Binance in the last five days alone. At the current price, this move has yielded a substantial 21% return for the whale’s PEPE portfolio.
PEPE Shows Strong Performance Amid Optimistic Market Sentiment
PEPE has shown remarkable performance recently, reflecting the positive sentiment in the cryptocurrency industry following the approval of spot Ethereum ETFs.
The price action of PEPE remains bullish, with buyers successfully defending against attempts to push the price lower. A robust support level has formed around $0.00001380, tested twice recently. Additionally, PEPE is forming higher lows and higher highs, signaling an upward trend. Trading above both the 50-day and 200-day simple moving averages (SMA) further reinforces the bullish outlook.
PEPE appears poised for continued gains, supported by data from on-chain analysis firm Santiment, which noted a significant increase in active addresses holding PEPE. Between May 21 and May 22, the number of active PEPE-holding addresses surged from 3,600 to 12,000. A similar uptick in PEPE-holding wallets was observed earlier in mid-May.
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