Why is Pepe Coin Price Rallying Today, September 13?

Pepe Coin price is outperforming other mainstream meme coins today, soaring around 13% over the past 24 hours. Trading volumes are nearing 150% surging to $1.34 billion. PEPE’s market cap has also climbed to around $5.09 billion. So, what’s fueling this sudden jump?

Top Reasons Pepe Coin Price is Skyrocking Today

Pepe Coin price has jumped by over 10% in the past day, echoed by strong volumes. Let’s break down the driving factors of this performance.

1. Crypto Whale Buys Pepe Coin (PEPE)

The main reason fueling today’s rally is a major buy by a “whale” (a big investor). On-chain data by Lookonchain revealed that a new wallet had bought 1.52 trillion PEPE tokens, worth nearly $16 million, from Kraken, one of the top crypto exchanges in the market. This whale move has been flagged as one of the largest buys PEPE has ever recorded in history.

More often, big moves by whales like this ignite excitement in the market. Smaller investors see this as a good sign and follow suit. Speculations arise about the whale wallet belonging to a major market player, creating more hype.

2. Altcoin Season Boost

Pepe Coin price rally is also riding on the current wave of ‘altcoin season’, a period where altcoins outperform Bitcoin. Recently, the CMC Altcoin Season Index skyrocketed from around 66% to 76%, before settling to 70% today. Currently, money is moving out of Bitcoin to high-risk and high-reward tokens. As the Bitcoin price steadily settles at $115,000, meme coins like PEPE pause as potential opportunities for investors.

During altseason, memcoins usually perform well. The value of PEPE is supported by a loyal community  and a token-burning system that reduces its supply over time

3. Pepe”s Technical Breakout

Technical indicators show that PEPE has broken through key resistance levels, which reflects to traders as a bullish signal. Momentum indicators and fast-rising trading volume suggest buyers have taken control.

Additionally, social media buzz is quickly spreading, creating more hype and pushing the Ethereum-based token higher.

PEPE price has soared about 26% over the past week, and is trading at $0.00001222 at the time of writing.

Final Thoughts: What’s Next for Pepe Coin?

PEPE is currently ranked #31 by market cap on CoinMarketCap, demonstrating it is not just a passing meme. However, memecoins are notoriously volatile. If traders begin securing profits, the price could go sideways. On the other hand, the online hype, market momentum, and whale buying could be just the start of a big move.