PEPE Coin Extends Weekly Rally To Over 80% Amid Whale Accumulation
Highlights
- PEPE coin delivered 135% over the past month with 12x returns.
- A whale withdrew 1.32 trillion PEPE tokens from Binance over the last five days.
- Theres' been a significant surge in active addresses holding PEPE.
The rally in the world’s third-largest meme coin PEPE seems to be unstoppable. In the last 24 hours, the PEPE Coin price has surged by another 12% extending its weekly gains to more than 80%. As of press time the PEPE price is trading at $0.0000166 with its market cap crossing $7 billion hitting a fresh milestone. The recent rally in PEPE comes amid huge investor interest as the daily trading volumes have skyrocketed past $2.56 billion.
PEPE Coin Hits New All-Time High
PEPE has become the third-largest meme coin, following Dogecoin and Shiba Inu, to reach a significant milestone. The token has not only outperformed rival memecoins but also surpassed the broader cryptocurrency market, achieving a 135% gain over the past month. Year-to-date, the Ethereum-based cryptocurrency has delivered a 12x return to its holders.
This rally has attracted the attention of wealthy investors. On-chain tracking platform Spot On Chain reported that a whale withdrew 1.32 trillion PEPE tokens from Binance over the last five days. At the current price, this whale’s PEPE portfolio has generated a 21% return.
In the past 5 days, a whale withdrew 1.323T $PEPE from #Binance at ~$0.00001378 (est. cost: $18.2M).
Now, with the price surging 81% (7D) to a new ATH, the whale’s PEPE holding is worth $22.1M (+21%)!
Will the whale dump with these $PEPE soon? Follow @spotonchain and set alerts… pic.twitter.com/nsTpdLwlzu
— Spot On Chain (@spotonchain) May 27, 2024
What’s Behind the Price Rally?
PEPE’s recent stellar performance aligns with the optimistic sentiment in the cryptocurrency industry following the approval of spot Ethereum ETFs.
Pepe’s price action remains bullish as buyers resist efforts to drive the price down. Strong support has formed around the $0.00001380 level, which has been tested twice. Additionally, PEPE is establishing higher lows and higher highs, indicating a rising uptrend. The price is also trading above the 50-day and 200-day simple moving averages (SMA), further reinforcing the bullish outlook.
PEPE is poised for further rallying, with on-chain analysis firm Santiment reporting a surge in active addresses holding PEPE from 3,600 to 12,000 between May 21 and May 22. A similar increase in PEPE-holding wallets was observed in mid-May.
- Fed’s John Williams Backs More Rate Cuts This Year Amid Labor Market Concerns
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH
- Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech
- Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
