Frog-themed meme coin Pepe (PEPE) surged to a new all-time high thus triggering a significant spike in whale trading during the past 24 hours.
The meme coin space, led by Pepe coin PEPE $0.000007 24h volatility: 0.7% Market cap: $3.00 B Vol. 24h: $513.52 M , has been gaining significant bullish momentum following the recent Dogecoin DOGE $0.15 24h volatility: 1.2% Market cap: $23.08 B Vol. 24h: $684.72 M uproar. The crypto cash rotation has significantly increased in favor of altcoins as Bitcoin price BTC $84 895 24h volatility: 0.1% Market cap: $1.69 T Vol. 24h: $22.43 B surged close to a psychological resistance level of about $100K.
Furthermore, Gold price has been declining in the past two weeks, while the overall cash inflows to crypto investment products have significantly spiked.
Pepe Coin Hits New ATH
After being trapped in a bearish consolidation since May this year, top-tier frog-themed meme coin Pepe has entered its price discovery phase. According to the latest market data, Pepe price has surged over 180 percent in the last two weeks to reach a new all-time high of about $0.0000243 earlier today.
The mid-cap meme coin, with a fully diluted valuation of about $10 billion, registered a 228 percent spike in daily average traded volume to hover about $20 billion on Thursday, November 14, during the early European session.
As a result, the frog-themed meme coin has flipped Sui SUI $2.08 24h volatility: 3.7% Market cap: $6.77 B Vol. 24h: $657.32 M , a fast-growing layer one (L1) blockchain, in market capitalization.
Top Reasons the Meme Coin Surged
The notable price upswing for Pepe in the last 24 hours was heavily attributed to the listing on two major exchanges in the United States. After teasing for months, Coinbase Global Inc (NASDAQ: COIN) announced on Wednesday that Pepe meme coin is now available for trading for registered users.
Similarly, Robinhood Markets Inc (NASDAQ: HOOD) revealed that its customers can now trade Pepe alongside other crypto assets. The announcement sparked a major FOMO for Pepe, especially involving whale traders seeking to monetize the volatility.
Earlier today, a major crypto whale accumulated 751 billion worth of Pepe coins, worth nearly $18 million from different exchanges.
Whales continued to accumulate $PEPE after #Coinbase and #Robinhood announced the listing of $PEPE.
6 hours ago, whale "0x160f…Ab5B" withdrew 197.39B $PEPE($4.8M) from #Binance.https://t.co/DdOouBzeY5https://t.co/jDudCti1dh pic.twitter.com/gh5QVglzMP
— Lookonchain (@lookonchain) November 14, 2024
However, some whale traders were observed taking profits following the recent bullish breakout, potentially preparing to purchase other meme coins. According to on-chain data analysis by Spot On Chain, a giant whale with $43 million profit in crypto trading deposited 500 billion Pepe, worth over $11 million, to Coinbase Global earlier today.
What’s Next?
The notable explosion of meme coins in the recent past has triggered a significant increase in FOMO traders. According to analysts from Santiment, the crypto market tends to correct every time traders attempt to FOMO in an overbought token.
😹🐶 Meme coins have undoubtedly netted the best returns over the past week for traders with DOGE (+96%), PEPE (+97%), WIF (+67%), & BONK (+67%) leading the way.
Historically high speculative asset social dominance typically indicates greed and emotional trading. Be cautious… pic.twitter.com/eya6ip8IMb
— Santiment (@santimentfeed) November 13, 2024
Already, Pepe’s weekly Relative Strength Index (RSI) has surged above the 70 percent level again, after more than seven months of being trapped in oversold levels. Consequently, it is safe to assume that Pepe is not the best altcoin to buy for higher returns in the near term.
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