The third-largest meme coin in the world, PEPE, is on an unstoppable rise. The price of PEPE Coin has increased by 12% in the past day, bringing its weekly gains to over 80%. At the time of publication, the PEPE price was trading at $0.0000166, marking a new milestone as its market capitalization surpassed $7 billion. Given that daily trading volumes have surged above $2.56 billion, the recent surge in PEPE has attracted much attention from investors.
PEPE Coin Reaches A New Maximum
After Dogecoin and Shiba Inu, PEPE Coin has grown to become the third-largest meme coin to accomplish a noteworthy milestone. With a 135% growth in the last month, the token has outpaced competing meme coins and the overall cryptocurrency market. The Ethereum-based cryptocurrency has given its owners a 12x profit thus far this year.
Wealthy investors are taking notice of this surge. Over the previous five days, a whale removed 1.32 trillion PEPE tokens from Binance, according to on-chain tracking company Spot On Chain. This whale’s PEPE portfolio has produced a 21% return at the current price.
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
Why Is There a Price Rally?
PEPE Coin outstanding recent performance is consistent with the positive outlook in the cryptocurrency space after spot Ethereum ETFs were approved.
Pepe’s price action is still optimistic because buyers thwart attempts to lower the price. After two tests, a robust support system has developed around the $0.00001380 level. PEPE Coin also sets higher highs and lows, which suggests a strengthening uptrend. Additionally, the price is above the 200- and 50-day simple moving averages (SMA), which supports the bullish stance even more.
According to Santiment, an on-chain analysis company, the number of active addresses holding PEPE increased from 3,600 to 12,000 between May 21 and May 22, indicating that PEPE is ready for more rallying. Mid-May saw a comparable rise in wallets containing PEPE.
