The meme coin PEPE has been on a remarkable rally in recent weeks, with its price surging over 80% in the past week alone to hit a series of new all-time highs. The Ethereum-based token, featuring a green frog character, has now delivered a staggering 135% return to holders over the past month.
TLDR
- PEPE coin price has surged over 80% in the past week, hitting new all-time highs. It’s up 135% in the past month.
- A whale withdrew 1.32 trillion PEPE tokens from Binance in the past 5 days, generating a 21% return so far.
- The number of active PEPE-holding addresses has surged 4x in the past week, from 3,600 to 12,000.
- Despite $4.58 million in liquidations, PEPE has shown resilience and climbed to #20 in cryptocurrency market cap rankings.
- Some analysts predict PEPE could surge another 10-15x this year to reach $0.0002 by 2025.
This parabolic rise has propelled PEPE to become the third largest meme coin by market capitalization behind only Dogecoin and Shiba Inu. As of writing, PEPE is trading at around $0.000016916 with a market cap exceeding $7 billion. 24-hour trading volumes have skyrocketed past $2.5 billion, reflecting the frenzied demand for the token.
The meteoric ascent of PEPE has attracted the attention of major investors, with on-chain data showing a whale withdrew 1.32 trillion PEPE from Binance over a 5-day period.
This whale’s PEPE stash has already generated a 21% return amid the ongoing rally.
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
Broader investor interest in PEPE is readily apparent, as analytics firm Santiment reports the number of active PEPE-holding wallets has surged 4x in a single week, from 3,600 to 12,000. A similar surge in holders was observed in mid-May during a previous leg of PEPE’s rally.
Multiple factors appear to be contributing to PEPE’s gravity-defying price action. The token has piggybacked off the improving sentiment around the broader crypto market following the recent US approval of spot Ethereum ETFs.
Technically, PEPE has demonstrated impressive resilience, absorbing $4.58 million in liquidations without derailing its uptrend. The token continues to post higher lows and higher highs above its 50-day and 200-day moving averages, suggesting strong bullish momentum.
With PEPE still in price discovery mode, some analysts are making bold predictions about its future trajectory.
Some argue the token could surge another 10-15x this year amid a potential post-Bitcoin halving rally and the advent of an altcoin season. A price target of $0.0002 by 2025 has been floated – a roughly 13x increase from current levels.
However, not everyone is convinced that PEPE’s astounding rally is sustainable. One whale investor recently sent a whopping 491 billion PEPE tokens to Binance, likely to cash out some profits. This suggests that at least some major holders believe the token has become significantly overvalued and are eager to realize gains before a potential pullback.
Whether PEPE can continue to defy gravity or is due for a sharp correction remains to be seen.
Meme coins are notoriously volatile and subject to boom-bust cycles based on hype and speculation rather than fundamentals. However, PEPE’s robust technical picture and the sheer scale of capital inflows into the token in recent weeks suggest that its uptrend may have further to run in the short term.
For now, PEPE’s wild ride continues to captivate the crypto world, with the token’s gains and fervent community support thrusting it into the limelight.
While its long-term staying power is very much uncertain, PEPE has indisputably become the breakout meme coin story of 2023.
