TL:DR;
- PEPE has resumed its bull rally that started in early November by skyrocketing by 20% in the past 24 hours to chart a fresh peak at over $0.000026.
- This comes after recent reports about whales accumulating substantial portions of the third-largest meme coin.
CryptoPotato reported on November 13 PEPE’s impressive surge that pushed the asset north by 100% within the span of a week and 50% daily at the time. This was due some listings on large exchanges like Coinbase and Robinhood.
In the following weeks, PEPE, alongside many other meme coins, calmed and retraced by up to 25%. However, this didn’t deter investors from it.
Just the opposite, on-chain data showed that whales continued to accumulate the asset with several big purchases within days. Such acquisitions typically precede price rallies for the underlying asset due to the declining available supply.
This surge indeed transpired just days after we reported the whale purchases. In the past 24 hours alone, PEPE went on the offensive hard, spiking by 20% and breaking its November 13 all-time high. The latest peak came just minutes ago at $0.00002622, according to CoinGecko data.
Thus, PEPE has solidified its position as the third-largest meme coin. It has also climbed to the 23rd overall position among all cryptocurrencies, with a market cap of over $11 billion.
The ever-loud PEPE community was quick to celebrate the move and some even predicted a bigger increase that could help it surpass SHIB to become the second-largest in its realm.
$PEPE JUST HIT NEW ALL TIME HIGH!!!!!
WE ARE IN PRICE DISCOVERYAND $PEPE IS ABOUT TO FLIP $SHIB!!!!!! https://t.co/HxKYd1Zcps pic.twitter.com/j7qZPsm4t7
— Crypto Bratan (@cryptobratan1) December 7, 2024
SHIB’s current market cap is at $19 billion, which means that PEPE is about $8 billion away. Although that seems like a substantial difference, this bull cycle has marked numerous mindblowing rallies so everything is possible these days.
