In an unexpected surge, meme-based cryptocurrency PEPE has captured notable attention in the Ethereum-based digital currency market. PEPE experienced a remarkable 17% upswing over the course of just one day, while its trading volume skyrocketed by 150% to hit $1.34 billion. This recent performance has elevated PEPE’s market cap, positioning it as the 31st largest cryptocurrency at $5.09 billion. Currently, PEPE is valued at $0.00001235, marking a 24-hour growth rate of 17.69%.
What Drives Whale Investments?
The recent price hike in PEPE was significantly influenced by a major whale purchase. According to data from Lookonchain, a newly activated wallet acquired 1.52 trillion PEPE tokens through the Kraken exchange. This transaction, valued at around $16 million, ranks among the largest individual purchases in the history of PEPE. Large-scale acquisitions like this generally serve as bullish indicators for smaller investors, sparking conjectures about the long-term intentions of such an investor.
Is Altcoin Season Fueling the Rally?
Indeed, the rise of PEPE aligns with what many cryptocurrency enthusiasts recognize as altcoin season. CoinMarketCap’s Altcoin Season Index, which soared from 66% to 76%, currently holds at 70%. During this phase, Bitcoin‘s consolidation around $116,000 has drawn investors willing to take risks into meme coins. PEPE has capitalized on several features—an enthusiastic community, a token-burning methodology reducing its circulating supply, and solid technical indicators. It has convincingly broken through resistance levels, with its trading volume and social media buzz serving as further evidence of its bullish trend.
“PEPE is gaining not only due to market dynamics but also thanks to its strong community support,” note experts, also highlighting the potential volatility risks during altcoin seasons.
PEPE’s prominence continues to rise, becoming one of the most discussed topics across various social media platforms. Experts underline the coin’s susceptibility to short-term fluctuations as it faces potential profit-taking risks. However, its community-driven growth and market fundamentals point towards prolonged interest.
– PEPE posted a dynamic 17% increase in 24 hours.
– Market cap ascended to $5.09 billion, achieving rank 31.
– Technical strengths and altcoin season are pivotal drivers.
– Whale purchases are fostering bullish outlooks.
– Potential profit-taking could moderate short-term growth.
In light of these developments, PEPE appears set to continue drawing investor interest. Its robust community support, combined with the ongoing market trends, positions PEPE as a noteworthy player in the meme cryptocurrency space.
