PEPE Price Hits $0.000027 ATH, On-Chain Data Says These Are The People Driving It

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As a seasoned crypto investor with over a decade of experience navigating the digital asset market, witnessing PEPE‘s meteoric rise to its new all-time high is both exhilarating and validating. I’ve seen my fair share of bull cycles and bear markets, but nothing quite compares to this meme coin phenomenon.

The value of PEPE, a popular meme cryptocurrency, just hit an unprecedented peak of $0.00002716 in the current bull market. This surge to a record high for PEPE was fueled by increased buying activity from large investors (whales) and their accumulation of more PEPE tokens.

Whale Accumulation Fuels PEPE’s Bullish Momentum

On social media platform X, crypto analyst Ali Martinez posted data showing that large PEPE investors (whales) have recently increased their holdings by approximately $1.14 billion, bringing their total control to around $7.56 billion. This accumulation has fueled a bullish trend over the weekend, pushing PEPE’s market capitalization past $10 billion for the first time. As of writing, the market cap of PEPE stands at about $11.17 billion, implying that these big holders now control roughly 67% of the total market cap.

As a researcher delving into PEPE token data, I’ve found an intriguing pattern: the surge in whale accumulation didn’t just happen yesterday. Over the past month, using IntoTheBlock’s Balance By Holdings In USD metric, I’ve observed a staggering 147.81% increase in the holdings of addresses with more than $10 million worth of PEPE tokens. These substantial investors have been on an accumulation spree, and on December 7 alone, one whale made a significant purchase amounting to $1.14 billion.

Other groups of investors have noticeably boosted their PEPE holdings over the last month. Specifically, investors holding between $1 million and $10 million witnessed a remarkable 119% surge in their assets, while those with investments ranging from $100,000 to $1 million enjoyed a 108% increase. Mid-level investors holding between $10,000 and $100,000 experienced an 84.25% growth, and even smaller investors with PEPE worth between $1,000 and $10,000 saw their holdings climb by approximately 55%.

The combined growth of investments across various age groups (or cohorts) has significantly boosted demand for PEPE, causing its value to skyrocket by an astonishing 150% over the last month.

Exchange Listings And Accessibility Boost PEPE’s Popularity

One significant factor contributing to PEPE’s exceptional growth is its expanded availability following its listing on prominent crypto platforms. In recent times, exchanges such as Coinbase, Robinhood, and Binance US have included PEPE, thereby significantly broadening its reach among both retail and institutional investors in the United States. This listing process has facilitated simpler trading and investment opportunities for a wider public when it comes to this meme cryptocurrency.

The influence of these listings has been significant, particularly given that the market is experiencing a bull run right now. Currently, PEPE is being traded at $0.00002616, which marks a 3.5% rise over the last 24 hours. It seems that PEPE’s upward trend may continue as whales and retail investors are buying more, hinting at an extended bullish pathway.

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2024-12-09 16:16