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182 Billion PEPE in One Hour, What's Happening?

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Mon, 27/05/2024 - 15:04
182 Billion PEPE in One Hour, What's Happening?
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Frog-themed meme coin PEPE has seen a massive surge in its valuation, setting it up for a potential sell-off by market whales. Over the past 24 hours, PEPE has soared by 2.15% to $0.00001654, backed by a more than 75% surge in the trailing seven-day period.

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The PEPE rally has set a bullish pace for other meme coins thus far this month. Historically, PEPE has always set a bullish course in the month of May. Per Cryptorank data, PEPE ended May 2023 at 74.9% growth, a figure that is less than double the 148.2% on record thus far this month.

This massive upshoot has helped PEPE hit multiple all-time highs (ATH) this month. Per on-chain data, the latest of this ATH came hours earlier as the token soared to a price of $0.00001718. Following this parabolic growth, the crypto analytics platform Lookonchain has hinted that two newly created wallets have withdrawn 182.7 billion PEPE worth approximately $3.1 million from OKX in less than one hour.

Such an enormous amount of PEPE moving from an exchange is arguably a vote of confidence as it shows the willingness to sell is reduced. While there might be a fraction of holders looking to take profits on their PEPE holdings, the token’s whales are arguably cautious, as seen from IntoTheBlock’s concentration by holders.

Amid the bullish trend on PEPE, the digital token is now on the verge of flipping Polygon by market capitalization. 

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As of writing, PEPE's market capitalization comes in at $6.98 billion, as compared to that of Polygon, pegged at $7.21 billion. Should the current price rally for PEPE continue at the same pace in the short to medium term, it might end up flipping not only Polygon but also Near, Bitcoin Cash, Tron and others, the same way it flipped Ethereum Classic.

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