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PEPE Coin Extends Weekly Rally Over 80% Amid Significant Whale Accumulation

PEPE Coin rallies over 80% this week amid significant whale accumulation.

Tue, 28 May 2024, 02:30 am UTC

PEPE Coin has extended its weekly rally to over 80%, driven by significant whale accumulation and a fourfold increase in active addresses. This surge has propelled PEPE to become the third-largest meme coin globally, with a market cap surpassing $7 billion.

PEPE Coin Surges Over 80% Weekly, Outperforming Dogecoin and Shiba Inu to Become the Third-Largest Meme Coin

The surge in PEPE, now the third-largest meme coin globally, is a significant event. According to CoinGape, the price of PEPE Coin has soared by an additional 12% in the past twenty-four hours, bringing its weekly gains to over 80%. At press time, the PEPE price stands at $0.0000166, and its market capitalization has crossed the $7 billion mark, a monumental achievement. This remarkable upswing in PEPE is a testament to the immense investor interest, with daily trading volumes surpassing $2.56 billion.

PEPE has not just achieved a milestone, but it has also outperformed Dogecoin and Shiba Inu in securing the third spot among meme coins. In the past month, the token has outshined its meme coin competitors and the overall cryptocurrency market, accumulating a 135% increase. This Ethereum-based cryptocurrency has been delivering a 12x return to its holders annually, a performance that speaks volumes.

The recent surge in PEPE has piqued the interest of high-net-worth investors. Spot On Chain, an on-chain monitoring platform, has recorded a whale investor withdrawing 1.32 trillion PEPE tokens from Binance within five days. This whale's PEPE portfolio has already generated a 21% return at the current price, demonstrating the coin's potential for high returns.

PEPE Coin Maintains Bullish Momentum Post-Ethereum ETF Approval, Active Addresses Surge Significantly

The recent outstanding performance of PEPE is consistent with the positive outlook observed in the cryptocurrency sector after the authorization of spot Ethereum ETFs.

PEPE is displaying a bullish price behavior, with buyers standing firm against attempts to lower prices. A strong support zone has emerged near the $0.00001380 threshold, tested twice. Moreover, PEPE is forming higher highs and lows, a sign of an ascending uptrend. The price surpasses the 50-day and 200-day simple moving averages (SMA), further bolstering the bullish outlook.

Santiment, an on-chain analysis firm, estimates that the number of active addresses possessing PEPE increased from 3,600 to 12,000. This indicates that PEPE is poised for a further rally. A comparable surge in PEPE pouches was noted at the midpoint of May.

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