The PEPE token, the third largest meme cryptocurrency, has seen a remarkable price jump of 12% over the past 24 hours, bringing its weekly gains to over 80%. Currently trading at $0.0000166, PEPE’s market capitalization has exceeded $7 billion, marking a significant milestone.
What is Driving PEPE’s Price Up?
Recent interest from investors has driven PEPE’s price upward, with daily trading volumes surpassing $2.56 billion. This makes PEPE the third-largest meme token behind Dogecoin (DOGE) and Shiba Inu (SHIB). Over the past month, PEPE has outperformed other meme tokens and the broader cryptocurrency market, achieving a 135% gain.
Since the beginning of the year, PEPE, which operates on the Ethereum blockchain, has yielded a 12-fold return for its holders. Notably, large investors have taken an interest in PEPE, with a significant whale recently withdrawing 1.32 trillion PEPE tokens from Binance, resulting in a 21% return at the current price. This surge coincides with positive sentiment in the cryptocurrency market, spurred by the approval of spot Ethereum ETFs.
How is PEPE’s Bullish Trend Sustained?
Santiment, an on-chain analysis firm, noted that PEPE’s price continues to climb as buyers resist downward pressures. A strong support level has been established at $0.00001380, tested twice. The formation of higher lows and highs, along with prices trading above the 50-day and 200-day simple moving averages (SMA), signals a bullish trend.
The number of active addresses holding PEPE surged from 3,600 to 12,000 between May 21 and May 22, suggesting further recovery. A similar rise was noted in mid-May, indicating sustained interest in the token.
Investor Insights
- PEPE’s trading volumes have exceeded $2.56 billion daily.
- A significant whale recently withdrew 1.32 trillion PEPE tokens from Binance.
- PEPE’s price is trading above both the 50-day and 200-day SMAs.
- The number of active PEPE addresses quadrupled within a day in late May.
These insights suggest PEPE has strong support and continued investor interest, pointing to potential further gains.
PEPE’s recent performance underscores its growing influence in the crypto market, driven by robust trading volumes, significant whale activity, and a broadening investor base. The token’s bullish trend appears well-supported by technical indicators and increased active addresses, suggesting more positive movement ahead.
