TL:DR;
- Several altcoins have emerged in recent weeks to post massive double and even triple-digit gains at some point.
- Will PEPE be next in line? Some whale activity suggests this.
Alts Rally
The current crypto environment heralds peak season. It all started after Donald Trump’s decisive victory in the US presidential election, when DOGE, along with BTC, soared to new multi-year highs, perhaps due to the asset’s affiliation with Elon Musk.
Since then, bitcoin has stagnated and is in consolidation mode, while DOGE has calmed down. However, many other altcoins have started to appear frequently. XRP was at the forefront of these rallies, surging over 420% in one month, hitting a 7-year high and becoming the third-largest cryptocurrency by market cap.
The last 24 hours have seen the rise of two more bright stars: Tron and Binance Coin. Both have surpassed their previous ATHs, especially the first one. TRX soared over 70% and jumped above $0.43 to mark a new peak.
Other contenders worth mentioning include XLM, HBAR, DOT, and AVAX. Now, the community has begun to speculate on which altcoin will be next.
Is PEPE next?
The third largest meme coin also skyrocketed in value after Trump’s victory and marked a new all-time high on November 14 at $0.00002457 (data from CoinGecko). This came after numerous listings on major exchanges and growing buzz within the community.
However, like DOGE, it retreated in the following weeks and now sits below $0.000021, or 15% of its high from last month. It has stayed somewhat on the sidelines, focusing on many of the aforementioned assets.
However, it seems that some big investors, known as whales, are paying attention again, which could suggest a new rally. Lookonchain data shows that a single whale had accumulated and withdrawn almost $7 million worth of PEPE in the last 20 days. These large purchases and withdrawals often precede price increases due to decreasing available supply and immediate selling pressure.
The whales continue to accumulate $PEPE!
A whale has withdrawn 337.09B $PEPE($6.92 million) #Binance in the last 20 days. pic.twitter.com/79NauAQt8V
— Lookonchain (@lookonchain) December 4, 2024
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