PEPE Coin Jumps 80% This Week as Whales Buy In
Release: 2024/05/28 02:38 Reading: 965
PEPE Soars to New Heights Driven by Whale Activity and Surging Active Addresses
The PEPE price continues its relentless upward trajectory, reaching unprecedented all-time highs. This surge is primarily attributed to substantial buying pressure from large investors (whales) and a remarkable increase in active addresses within a mere week.
PEPE Emerges as the Third-Largest Meme Coin
PEPE has cemented its position as the third-largest meme coin, trailing only Dogecoin and Shiba Inu. This milestone signifies not only its dominance over other meme coins but also its outperformance of the broader cryptocurrency market, with an impressive 135% gain over the past month. Year-to-date, this Ethereum-based cryptocurrency has yielded an extraordinary 12x return to its holders.
Whale Activity Fuels PEPE's Rally
The rally in PEPE has attracted the attention of affluent investors. As per data from the on-chain tracking platform Spot On Chain, a whale withdrew a staggering 1.32 trillion PEPE tokens from Binance in just the past five days. At the current price, this transaction has generated a substantial 21% return on the whale's PEPE holdings.
Positive Market Sentiment Propels PEPE's Performance
PEPE's recent performance reflects the optimistic sentiment prevalent in the cryptocurrency industry following the approval of spot Ethereum ETFs. The price action of PEPE remains bullish, with buyers effectively countering attempts to depress its value. A strong support level has emerged around $0.00001380, which has been tested twice recently. Furthermore, PEPE is establishing higher lows and higher highs, indicating an upward trend. Trading above both the 50-day and 200-day simple moving averages (SMA) further reinforces the positive outlook.
Surge in Active Addresses Signals Continued Growth
Data from on-chain analysis firm Santiment reveals 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.
Disclaimer
This article is intended solely for informational purposes and should not be construed as legal, tax, investment, financial, or any other type of advice.
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