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30 May 2024
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PEPE Bursts to All-Time High After a Long-Term Bearish Trend

PEPE Bursts to All-Time High After a Long-Term Bearish Trend

  • PEPE Coin marked a significant growth and hit a new ATH.
  • A whale made a profit of $13.67M and still holds 1.26T Pepe coins.

Frog-themed memecoin PEPE had remarkable growth this week and soared over 30%, hitting a new  all-time high yesterday at $0.00001128. It gained immense attention as the price surged almost by 109% in the past month and 901% in the past 6 months. Investors and analysts are looking confidently at the meme coin, which has now set high targets.

Meme coins have been in a bearish trend for a long time, and fortunately, yesterday, Pepe made a good move with a price surge in double-digit gains. This unforeseen rise raises expectations for the coin’s value in the coming days. 

Moreover, whales are making good returns out of it; a whale made $13.67 million profit from PEPE in just three months and out of that, it spent around $1.56 million to buy 1.40T Pepe. Around 14 hours ago, the whale sold 140.4B PEPE for 1.57M DAI at the new all-time high of PEPE. Despite the massive sale, the whale still holds 1.26T Pepe coins worth $13.7 million.

Since March, Pepe Coin has been struggling to surpass the resistance level of $0.00000900. However, the coin’s price has been on an uptrend since mid-April.

At the time of writing, it is valued at $0.00001103, an increase of 6.75% in a day. Pepe Coin has made a significant surge in trading volume as well, and that has developed investor interest and market engagement with the meme coin.

Does the Re-entry Direct the Surge ?

Pepe’s performance aligned with the return of Keith Gill, known as the “Roaring Kitty,” which was dormant in the meme coin sector since June 2021 and re-entered on May 13, 2024. Furthermore, it ignited the meme coin market with the PEPE becoming one of the beneficiaries. 

The reappearance of Roaring Kitty likely led to the meme coin rally, with Solana-based GameStop memecoin (GME) surging over 350% and the AMC token witnessing a 900% increase. Other meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also experienced gains, according to CoinGecko data. 

Highlighted crypto news today: 

El Salvador Mines $29 Million in Bitcoin with Volcano Energy

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