Strong community support and technical indicators solidify its bullish trajectory.
The Ethereum $4,644-based meme cryptocurrency, PEPE, has seen a significant surge of nearly 17% in the past 24 hours, attracting substantial attention. Its trading volume increased by 150%, reaching $1.34 billion, and in terms of market capitalization, PEPE climbed to the 31st position with $5.09 billion. At the time of writing, PEPE is trading at $0.00001235, reflecting a 24-hour increase of 17.69%.
ContentsWhale Purchases Propel Market ActivityImpact of Altcoin Season and Technical Strength
Whale Purchases Propel Market Activity
Blockchain analysis platform Lookonchain has uncovered a significant whale purchase that has driven the recent increase in PEPE’s price. A newly created wallet acquired 1.52 trillion PEPE tokens from the Kraken exchange. This transaction was valued at approximately $16 million and is noted as one of the largest individual purchases in PEPE’s history. Such transactions by large investors are perceived as positive signals by smaller investors. The purchase has also sparked much speculation about the buyer’s long-term strategy.
Impact of Altcoin Season and Technical Strength
The rise in PEPE coincides with the altcoin season, according to CoinMarketCap’s Altcoin Season Index. The index, which had increased from 66% to 76%, has currently stabilized at 70%. During this period, Bitcoin $115,679 consolidated around $116,000, enticing risk-tolerant investors into meme coins. PEPE has seized advantages such as a loyal community, a burning mechanism that reduces circulating supply, and strong technical indicators. It has successfully surpassed resistance levels, confirming its upward trend technically. The increase in trading volume and growing interest on social media bolster this uptrend.
Recently, PEPE has become one of the most talked-about assets on social media platforms. Experts state, “PEPE is rising not only due to technical and market trends but also due to its strong community influence,” particularly noting the rapid growth potential of such assets with high volatility during altcoin seasons. However, they also emphasize that this growth could be balanced by profit-taking in the short term.
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