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PEPE price recently Reached a new all-time high (ATH) of $0.00002716, becoming the first major cryptocurrency to do so in the ongoing bull cycle. This rise to a new all-time high for PEPE was driven by increased whale activity and accumulation.
Whale accumulation fuels PEPE’s bullish momentum
Data Shared by Cryptocurrency analyst Ali Martinez on social media platform X highlights that PEPE whales recently added $1.14 billion worth of PEPE to their holdings, bringing the total amount controlled by whales to $7.56 billion. This plays bullishly over the weekend, as PEPE’s market cap surpassed $10 billion for the first time. At the time of writing, PEPE’s market capitalization is approximately $11.17 billion, meaning that the group of holders of these shares now controls approximately 67% of the total market capitalization.
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It is interesting that the data on the chain appears Increase in whale accumulation It Didn’t Start Just Yesterday IntoTheBlock’s Balance By Holdings metric in USD shows a 30-day increase of 147.81% in holdings of addresses holding more than $10 million in PEPE tokens. These large holders have been on an accumulation trend, with a massive $1.14 billion purchase made on December 7 alone.
Other groups of currency holders have also expanded their positions significantly over the past month. Titles with between $1 million and $10 million of PEPE recorded a 119% increase in their holdings during the period, while those with between $100,000 and $1 million saw a 108% rise. Middle-tier investors with holdings between $10,000 and $100,000 recorded 84.25% growth in their holdings, while smaller PEPE holdings between $1,000 and $10,000 saw their holdings increase by 55.29%.
This increase in accumulation from all groups has increased buying pressure on PEPE, which in turn has allowed the meme cryptocurrency to rise in value by 150% in the last 30 days.
Stock exchange listings and accessibility boost PEPE’s popularity
Another notable driver behind PEPE’s record-breaking performance is increased accessibility After listing on major cryptocurrency exchanges. PEPE has been added to cryptocurrency exchanges such as Coinbase, Robinhood, and Binance US in the past few days, significantly increasing their exposure to US retail and institutional investors. These lists have made it easier for a wider audience to trade and invest in them. Cryptocurrency meme.
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The impact of these listings has been profound, especially as the industry is currently going through a bullish phase. At the time of writing, PEPE is trading at $0.00002616, representing a 3.5% increase over the past 24 hours. PEPE’s upward trajectory looks set to extend further as whale accumulation and fragmentation continue.
Featured image created with Dall.E, chart from Tradingview.com
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