The frog-themed PEPE memecoin has been making waves in the cryptocurrency world, with recent reports showing a massive surge in whale activity.
Famous crypto analyst Ali Martinez revealed on X (Twitter) that whales had increased their PEPE holdings by an astounding $1.14 billion in just one day, signalling a shift in market dynamics.Â
Rapid Growth and Market Performance of PEPE
This move comes as PEPE has overtaken Uniswap’s UNI in market cap by reaching $11 billion. This marks an impressive 18x growth from its $591 million market cap at the beginning of the year, solidifying PEPE’s position as one of the most talked-about tokens in the crypto space.
PEPE’s growth has been nothing short of remarkable. The token, which currently trades at $0.00002496, has gained 0.67% in the last 24 hours and witnessed a more substantial 23% rise over the past week.
The memecoin, launched in 2023, has already earned a spot among the top 20 cryptocurrencies by market cap, rivalling giants like Dogecoin and Shiba Inu. Its ability to capture investor attention in such a short time has made it a key player in the ever-evolving meme coin trend.
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While its value is still a fraction of the more established cryptocurrencies, the recent growth spurt has led PEPE to become a token of note. The maximum supply of 420 trillion tokens is already in circulation, which has further fueled its market activity and ensured that PEPE remains highly accessible to investors looking to make a quick entry into the memecoin market.
The Surge in Whale Activity and New Listings
A major driver of PEPE’s recent success is the influx of whale activity. Ali Martinez’s statement regarding the $1.14 billion increase in PEPE holdings highlights how large-scale investors are taking an interest in the token.
This surge in activity shows that PEPE is no longer just a small-time memecoin but is gaining traction among institutional and high-net-worth individuals.
In addition to whale activity, PEPE has gained a significant boost following its listing on Binance.US on December 5, 2023. The move opened up access to a broader range of investors, cementing its place in the competitive meme coin market.
PEPE Integration into MoonPay and Global Reach
PEPE’s integration into MoonPay, a crypto payment service, further extends its reach. Now, over 20 million users across 180 countries can purchase PEPE using popular platforms like Apple Pay and Venmo. This integration opens up the token to a massive new audience, making it more accessible and convenient for everyday users to buy and trade the token.
With Bitcoin leading the charge in the market, meme coins like PEPE are riding the wave of investor enthusiasm, benefiting from the broader positive sentiment in the crypto space. The rise of PEPE highlights how memecoins continue to captivate the crypto world, fueled by community engagement, whale activity, and strategic partnerships.
Also Read: PEPE Investor Cashes Out Big, Dumps 356.2 Billion Tokens on Kraken For 31x Profit