The rally of PEPE, the world’s third-largest meme token, is gaining speed. In the last 24 hours, PEPE token’s price increased by 12%, pushing its weekly gains above 80%. At the time of writing, PEPE’s price is trading at $0.0000166, with a market cap surpassing $7 billion, reaching a new milestone.
PEPE’s Upward Momentum
The recent surge in PEPE occurred during a period of significant investor interest, with daily trading volumes soaring above $2.56 billion. PEPE has become the third-largest meme token, following Dogecoin (DOGE) and Shiba Inu (SHIB). The token not only outperformed its rival meme tokens but also surpassed the broader cryptocurrency market, achieving a 135% gain last month.
The Ethereum-based cryptocurrency has provided its holders with a 12-fold return since the beginning of the year. This rally has attracted the attention of large-scale investors. On-chain monitoring platform Spot On Chain reported that a whale withdrew 1.32 trillion PEPE tokens from Binance in the last five days. At the current price, this whale’s PEPE portfolio yielded a 21% return. PEPE’s recent stellar performance aligns with the optimistic sentiment in the cryptocurrency industry following the approval of spot Ethereum ETFs.
Santiment’s PEPE Report
Pepe’s price movement continues to rise as buyers resist efforts to lower the price. Strong support has formed around the $0.00001380 level, which has been tested twice. Additionally, PEPE’s formation of higher lows and higher highs indicates a bullish trend. The price is also trading above the 50-day and 200-day simple moving averages (SMA), further strengthening the bullish outlook.
On-chain analysis firm Santiment reported that the number of active addresses holding PEPE increased from 3,600 to 12,000 between May 21 and May 22, preparing PEPE for further recovery. A similar increase was observed in wallets holding PEPE in mid-May.
