PEPE’s market cap exceeds $4.4 billion amidst a surge in the meme coin sector. Solana-based meme tokens ROAR and GME also witness substantial gains. Despite PEPE’s sustained climb, whales are seen taking profits, indicating active investor participation.
PEPE, a memecoin featuring a frog theme, has soared to remarkable heights, boasting a market capitalization surpassing $4.4 billion. This surge reflects a broader trend in the meme coin sector, ignited by the resurgence of GameStop trader Roaring Kitty.
PEPE Token Surges Alongside Meme Coin Rally
Amidst a widespread rally in the meme coin sector, PEPE, a frog-themed memecoin, has seen significant gains, pushing its market capitalization past $4.4 billion. Other meme coins ranking in the top 30 by market cap, along with Solana-based tokens like ROAR and GME, have also experienced notable increases.
Whales have taken profits after the $PEPE price recorded a new ATH (24H)! Have you taken yours?
1. Early holder 0x647 deposited 250B $PEPE ($2.69M) to #Binance ~12 hours ago.
– The whale has 42.4B $PEPE ($424K) left with a total profit of $3.96M (+8,833%).2. Whale 0xa4f 123.7B… pic.twitter.com/AxUxvMSYac
— Spot On Chain (@spotonchain) May 14, 2024
PEPE’s value surged by an impressive 24 percent within just 24 hours, reaching a peak of $0.00001119 on Binance. This substantial rise mirrors the ascent of other renowned meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Popcat (POPCAT), Floki (FLOKI), Bonk (BONK), Roaring Kitty (ROAR), and GameStop (GME).
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
One of Monday’s noteworthy events occurred when Roaring Kitty posted a cryptic image on X, sparking renewed interest in meme coins as traders interpreted it as a sign of his return. Despite significant profits made by large wallet investors, PEPE has managed to retain its gains.
Whales Benefit from PEPE’s Explosive Growth
According to SpotOnChain data, whales and early holders of PEPE have begun reaping rewards from the coin’s remarkable growth. Notably, an early holder with the address 0x647 deposited $250 billion worth of PEPE onto Binance, totaling $2.69 million. Meanwhile, another whale identified as 0xa4f sold 123.7 billion PEPE for 1.31 million USDC, making a 20.5% profit on their PEPE holdings in just three days.
Typically, when whales cash out, it exerts selling pressure that slows down price momentum. Contrary to expectations, PEPE has sustained its upward trend into Tuesday. This remarkable surge underscores the increasing strength and popularity of meme coins in the cryptocurrency market. Their relentless rise has both investors and enthusiasts captivated by its rapid pace. However, there are now pressures emerging to take profits.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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