PEPE whale activity explodes amid price rally to new ATH

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As a seasoned crypto investor with a keen interest in memecoins, I’ve witnessed my fair share of price rallies and whale activity. The recent surge in PEPE‘s price has caught my attention due to the impressive increase in whale transactions and exchange activity.

As a researcher studying the cryptocurrency market, I’ve observed an intriguing development with PEPE, the popular memecoin. The latest price surge of PEPE has resulted in heightened whale activity – a noteworthy trend to keep an eye on.

PEPE has surged by 21% over the past 24 hours and is now priced at $0.0000102. At 16:40 UTC on March 13, it hit a new record high of $0.0000109. The current market capitalization of PEPE stands at an impressive $4.3 billion, while its daily trading volume amounts to a substantial $2.15 billion.

Based on Santiment’s data, there was a significant increase of approximately 416% in the number of whale-sized PEPE transactions worth over $100,000 each. This figure went from 135 to 697 unique transactions daily.

According to data from Santiment, there has been significantly increased trading activity for the memecoin themed around frogs. The inflow of PEPE tokens into exchanges surged by an impressive 255% over the last day, reaching a current level of approximately 8.03 trillion tokens.

In a comparable manner, the outflow from trading of the given asset has surged by an impressive 240% within the last 24 hours, reaching a current level of 6.73 trillion PEPE as indicated by recent market intelligence data.

PEPE is experiencing a significant influx of approximately 1.3 trillion coins being traded on exchanges right now. This surge in activity might lead to a brief selling frenzy as large investors cash out their gains at the current price level.

Additionally, the PEPE Relative Strength Index (RSI) has been persistently increasing since May 9th. According to Santiment, PEPE’s RSI currently hovers around the 70 level, indicating that the memecoin may be overvalued and exhibiting signs of market overheating.

Based on the elevated whale interactions and rising Relative Strength Index (RSI), PEPE‘s price may exhibit significant fluctuations in the near term.

Based on a crypto.news article published on May 13th, there were significant increases within the memecoin sector as the market experienced a bullish trend. Some of the top performers in this category include Pepe, Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI).

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2024-05-14 10:56