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The meme coin market is heating up again, and PEPE is benefiting from the bullish momentum. The frog-themed token has surged 53% in the week, riding a new wave of investor optimism in the cryptocurrency market.
According to on-chain analytics firm Santiment, the crypto market is heading into the weekend with strong bullish momentum. A few sectors, including meme coins, liquid staking platforms and Layer-1 blockchains, are showing double-digit percentage gains in market capitalization. The meme coin sector alone has risen 18%, with PEPE among the standout performers.
PEPE's surge is backed by increased trading volume and on-chain activity, with whale movements and retail buzz helping to drive momentum. According to technical charts, PEPE has risen past a critical resistance level, bolstering the price surge.
PEPE sees whale activity
On May 8, Lookonchain reported that a crypto whale had purchased 500 billion PEPE for $4.36 million, bringing the whale's total holdings to 2 trillion PEPE.
On Friday, when the price of PEPE soared, blockchain data tracker Whale Alert reported a massive 7.14 trillion (7,143,024,728,061) PEPE worth about $78.8 million was transferred between unknown wallets in a single transaction.
PEPE price erases zero
PEPE began to recover from its lows of $0.00000759 on May 6, and the rally gathered traction as the price surged substantially on Thursday.
Strong buying pressure was also clearly apparent in the Friday session, with the PEPE price surging to a high of $0.00001397, thereby removing a zero from the PEPE price and causing it to post its fourth straight day of gains since May 6.
PEPE remained in the green at press time, rising 0.21% in the previous 24 hours to $0.00001242, after reaching intraday highs of $0.00001360.
Vladislav Sopov