Pepe hit ATH amid quadrupling whale activity

Pepe hit an all-time high in less than 24 hours as Whales jumped on the rollercoaster of meme money.

As a tribute to the 2000s Pepe the Frog internet meme, Pepe (PEPE) quickly gained popularity among the crypto community after its launch in April 2023.

Meme money has increased by over 40,000% since then. PEPE reached an ATH of $0.000020 after trading platform Robinhood announced that it had listed the crypto asset. The frog-themed token gained bullish momentum after a slight correction earlier today, reaching an ATH of $0.000025.

Pepe’s upward momentum began with Donald Trump’s victory in the US presidential election, and the broader crypto market, including meme coins, has seen significant growth.

Memecoin is still up 80% in the last 24 hours and is trading at $0.000022 at the time of writing. Its market cap stands at $9.8 billion, making it the 14th largest cryptocurrency in the industry.

PEPE price | Source: crypto.news

Pepe’s daily transaction volume also increased by 313%, reaching 21.5 billion dollars.

Following the Robinhood announcement, whale activity around Pepe more than quadrupled.

Large transactions consisting of at least $100,000 worth of PEPE rose from $405 million to $1.66 billion on Nov. 13, according to data from on-chain analytics platform IntoTheBlock.

PEPE large transactions | Source: IntoTheBlock

Whales made a total of more than 3,000 such transactions yesterday alone.

Pepe, on the other hand, recorded a massive sell-off from its largest shareholders. According to ITB data, whales recorded a net outflow of 1.11 trillion PEPE on Wednesday.

PEPE whale net flow | Source: IntoTheBlock

Selling by major holders often triggers a sudden price drop in crypto assets, especially the highly volatile meme coin class. But this time, retail accumulation appears to have neutralized the whale sell-off.

Pepe price may see a price correction ahead of another bull run due to rapidly increasing trading volume and whale activity.