The recent price surge of the Pepe (PEPE) cryptocurrency has sparked a significant increase in activity among large investors, known as whales.
In the past 24 hours, PEPE has risen by 21%, trading at $0.0000102 at the time of writing. The cryptocurrency reached an all-time high of $0.0000109 on March 13 at 16:40 UTC. Currently, Pepe boasts a market cap of $4.3 billion and a daily trading volume of $2.15 billion.
According to data from Santiment, transactions involving at least $100,000 worth of PEPE have skyrocketed by 416% over the past day, increasing from 135 to 697 transactions.
The data also indicates a significant increase in exchange activity for the frog-themed memecoin. The inflow of PEPE to exchanges jumped by 255% over the past 24 hours, reaching 8.03 trillion tokens.
Similarly, the outflow of PEPE from exchanges has risen by 240% in the past day, now sitting at 6.73 trillion tokens, as reported by the market intelligence platform.
Currently, PEPE is experiencing a net inflow of 1.3 trillion tokens into exchanges. This movement might lead to a short-term selloff as whales could be taking profits at these high prices.
Additionally, the Relative Strength Index (RSI) for PEPE has been steadily climbing since May 9. According to Santiment, PEPE’s RSI is now at the 70 mark, indicating that the cryptocurrency may be overvalued and subject to market correction.
Given the increased whale activity and the high RSI, PEPE is likely to experience significant price volatility in the near future.
A recent report from crypto.news on May 13 highlighted notable gains in the memecoin market as bullish sentiment grows. Among the top performers are Pepe, Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI).
Summary Review: The recent surge in PEPE’s price has led to a dramatic increase in whale activity and overall market interest. While this indicates strong short-term momentum, the high Relative Strength Index and increased exchange activity suggest potential volatility ahead. Investors should be prepared for possible market fluctuations as the memecoin market continues to evolve, with PEPE at the forefront of this dynamic sector.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
