Pepe hit ATH amid quadrupling whale activity

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As a seasoned researcher with a knack for deciphering the enigmatic world of cryptocurrencies, I find myself intrigued by the meteoric rise of Pepe, the meme coin that’s giving Elon Musk’s Dogecoin a run for its money. The frog-themed token has been on a roller coaster ride since its inception in April 2023, and it’s reminiscent of the wild west days of Bitcoin’s early years.

Pepe reached a new all-time high in less than 24 hours as whales jumped on the meme coin’s roller coaster.

In honor of the popular internet meme Pepe the Frog from the 2000s, the cryptocurrency known as PEPE has become widely recognized within the crypto world following its debut in April 2023.

Since Robinhood announced listing the cryptocurrency, the meme coin has skyrocketed more than 40,000%. The frog-themed token, PEPE, reached a new all-time high (ATH) of $0.000020 after the announcement. After a brief dip today, the token gained significant bullish momentum and hit another ATH at $0.000025.

Pepe’s positive trajectory began when Donald Trump won the U.S. presidency, which triggered a significant expansion in the broader cryptocurrency market, even encompassing meme coins.

In the last 24 hours, the value of this meme cryptocurrency has risen by 80%, currently trading at approximately $0.000022. At present, its market capitalization stands at around $9.8 billion, placing it as the 14th largest crypto token within the industry.

Pepe’s daily trading volume also rose by 313%, reaching a whopping $21.5 billion.

Whales join the race

The whale activity around Pepe increased by over four times after the Robinhood announcement. 

On November 13th, significant trades exceeding $100,000 in value of the cryptocurrency PEPE saw a substantial increase, rising from approximately $405 million to a staggering $1.66 billion, as revealed by data from the on-chain analysis platform IntoTheBlock.

Whales made a total of over 3,000 such transactions yesterday alone.

Conversely, it was observed that Pepe experienced a significant sell-off by its major investors. According to ITB data, whales collectively sold off approximately 1.11 trillion PEPE on Wednesday.

Large sell-offs by major investors often lead to a rapid drop in the prices of cryptocurrencies, particularly those in the unpredictable meme coin category. Interestingly, this time around, the increased buying from individual investors (retail) appears to have counterbalanced the impact of whale sales.

It’s possible that the price of Pepe might experience a temporary adjustment or dip, followed by another upward trend, as a result of the surge in trading activity and increased involvement of large investors (whales).

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2024-11-14 14:46