Pepe Coin (PEPE), the frog-themed meme coin, has experienced a remarkable surge in price, reaching new all-time highs and capturing the attention of the cryptocurrency community.
On March 14, 2024, PEPE’s price skyrocketed by 18.74% in just 24 hours, settling at $0.00001055 and outperforming major cryptocurrencies like Ethereum.
TLDR
- PEPE price hits all-time high, surging alongside Bitcoin and outperforming Ethereum
- Elon Musk’s meme of PEPE on X sparks interest and contributes to price surge
- Whales transfer substantial amounts of PEPE to centralized exchanges, realizing significant profits
- Open interest and trading volume for PEPE increase, indicating growing investor interest
- PEPE’s price rally could potentially restart the meme coin mania in the broader market
The recent surge in PEPE’s price can be attributed to several factors. One notable influence is the endorsement from prominent entrepreneur Elon Musk, who posted a PEPE meme on his social media platform, X. This endorsement has sparked significant interest among meme-based crypto enthusiasts and contributed to the growing excitement surrounding the coin.
— Elon Musk (@elonmusk) March 13, 2024
As PEPE’s price continues to climb, whales within the meme coin space have been actively transferring substantial amounts of the token to major centralized exchanges, looking to capitalize on their profits.
On-chain analysis service Spot On Chain observed a prominent whale who acquired 15.2 trillion PEPE tokens four years ago for 10 ETH, recently moving over 200 SHIB to Gemini and Crypto.com, realizing gains exceeding $6 million. Another whale was seen selling 1.9 trillion PEPE tokens, resulting in an estimated gain of approximately $3.3 million.
Two big whales deposited $10.6M worth of $SHIB and $PEPE to CEX in the past 2hrs as the prices dropped today. Is the #memecoins season coming to an end?
1. Early buyer 0xd6b deposited 200B $SHIB ($6.49M) to #Gemini and #Cryptocom ~ 1hr ago.
Notably, 4 years ago, the whale… pic.twitter.com/l6M6O4D8Dv
— Spot On Chain (@spotonchain) March 12, 2024
Despite the profit-taking actions by whales, Pepe Coin has demonstrated resilience and potential stability within the meme coin industry. The coin quickly bounced back from price fluctuations, bolstering market confidence and suggesting its ability to withstand selling pressure.
Data from Coinglass reveals a significant increase in open interest for Pepe Coin, indicating a growing interest among investors. The open interest surged by 26.69% to $147.54 million, accompanied by a 48.49% rise in trading volume, reaching $1.38 billion. This influx of interest and investment has had a positive impact on PEPE’s overall market performance, aligning with the observed price surge.
As Pepe Coin continues to gain momentum, analysts and traders are closely monitoring its potential impact on the broader meme coin sector.
Some speculate that PEPE’s rally could reignite the meme coin mania, leading to increased interest and investment in other meme-based cryptocurrencies.
Source: https://blockonomi.com/thanks-elon-pepe-coin-reaches-all-time-high-amid-surging-investor-interest/