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The price of PEPE recently reached a new all-time high (ATH) of $0.00002716, becoming the first major meme cryptocurrency to do so in the ongoing bull cycle. This rally to a new PEPE all-time high was driven by increased whale activity and accumulation.
Whale accumulation fuels PEPE bullish momentum
Data shared by Crypto analyst Ali Martinez on social media platform This contributes to a bullish run over the weekend, which saw PEPE’s market capitalization surpass $10 billion for the first time. At the time of writing, PEPE has a market capitalization of approximately $11.17 billion, meaning that this cohort of holders now controls around 67% of the total market capitalization.
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Interestingly, the on-chain data shows the increase in whale accumulation It didn’t start yesterday. IntoTheBlock’s USD holding balance metric shows a 30-day increase of 147.81% in holdings from addresses holding more than $10 million in PEPE tokens. These large holders have followed an accumulation trend, with a massive purchase of $1.14 billion on December 7 alone.
Other cohorts of incumbents have also significantly expanded their positions over the past month. Addresses holding PEPE worth between $1 million and $10 million saw a 119% increase in their holdings during this period, while those holding between $100,000 and $1 million saw a 108% increase. Mid-level investors with holdings between $10,000 and $100,000 saw their balances grow by 84.25%, while even the smallest holders with between $1,000 and $10,000 in PEPE saw their holdings increase by 55.29%. .
This increase in accumulation from all cohorts has increased buying pressure on PEPE, which in turn has allowed the meme cryptocurrency to increase in value by 150% in the last 30 days.
Exchange listings and accessibility increase the popularity of PEPE
Another notable factor behind PEPE’s record performance is its increasing accessibility. after listing on major crypto exchanges. PEPE has been added to crypto exchanges such as Coinbase, Robinhood, and Binance US in recent days, significantly increasing its exposure to retail and institutional investors in the US. These listings have made it easier for a broader audience to trade and invest. in Cryptocurrency meme.
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The impact of these quotes has been profound, especially since the industry is currently in a bullish phase. At the time of writing, PEPE is trading at $0.00002616, which is up 3.5% in the last 24 hours. PEPE’s bullish trajectory looks set to extend further as whale and retail accumulation continues.
Featured image created with Dall.E, chart from Tradingview.com
