PEPE, the memecoin featuring the popular Pepe the Frog image, is experiencing a significant surge in whale activity amidst its latest price rally. Over the past 24 hours, PEPE has seen a 21% increase in price, reaching $0.0000102. Its all-time high stands at $0.0000109, reached on March 13. With a market cap of $4.3 billion and a daily trading volume of $2.15 billion, PEPE is capturing substantial attention.
Santiment data reveals a remarkable spike in whale transactions, with a 416% increase from 135 to 697 unique transactions involving at least $100,000 worth of PEPE in just one day. Additionally, exchange activity surrounding PEPE has been heightened, demonstrated by a 255% surge in exchange inflow, which currently stands at 8.03 trillion tokens. Concurrently, the exchange outflow rose by 240% to 6.73 trillion PEPE.
These significant movements in whale activity and exchange flow may potentially lead to short-term selling as profit-taking occurs at this price point. Moreover, PEPE’s Relative Strength Index (RSI) has been steadily rising since May 9 and is currently at the 70 mark, indicating overvaluation and overheating in the market conditions.
Given the increased whale activity and rising RSI, PEPE is likely to experience high price volatility until further market movements. The broader memecoin ecosystem has also seen gains, with cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI) among the top performers, according to a report by crypto.news on May 13.