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PEPE price recently reached an all-time high (ATH) of $0.00002716, becoming the first major meme cryptocurrency to achieve this in the ongoing bullish cycle. The rise to a new PEPE all-time high was caused by increased whale activity and accumulation.
Whale accumulation fuels PEPE bullish momentum
Data shared by crypto analyst Ali Martinez on social media platform It emphasizes what has been done. This sparked a bull run over the weekend, with PEPE's market cap exceeding $10 billion for the first time. As of this writing, PEPE's market capitalization is approximately $11.17 billion, meaning that this group of holders currently controls approximately 67% of the total market capitalization.
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Interestingly, on-chain data shows that the surge in whale accumulation did not just start yesterday. IntoTheBlock’s Balance Held (USD) metric shows that the number of addresses holding more than $10 million in PEPE tokens increased by 147.81% in 30 days. These large holders have been accumulating, with acquisitions totaling $1.14 billion on December 7th alone.
Other groups of holders have also increased their positions significantly over the past month. During this period, addresses with PEPE worth between $1 million and $10 million increased their holdings by 119%, and addresses with PEPE worth between $100,000 and $1 million recorded a 108% increase. did. Mid-sized investors with PEPE worth between $10,000 and $100,000 saw their balances increase by 84.25%, while even smaller investors with PEPE worth between $1,000 and $10,000 saw their holdings increase by 55.29%. .
This increased accumulation from all cohorts has increased buying pressure on PEPE, which has allowed the meme cryptocurrency to skyrocket in value by 150% in the past 30 days.
Source: Into the Block
Exchange listing and accessibility increase PEPE’s popularity
Another notable driving force behind PEPE's record-breaking performance is its ease of access after being listed on major crypto exchanges. PEPE has been added to cryptocurrency exchanges such as Coinbase, Robinhood, and Binance US in recent days, significantly increasing its exposure to US retail and institutional investors. These listings have made it easier for a wider range of people to trade and invest. Meme Cryptocurrency.
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The impact of these listings is significant, especially since the industry is currently in a bullish phase. At the time of writing, PEPE is trading at $0.00002616, representing an increase of 3.5% in the past 24 hours. PEPE's bullish trajectory looks set to extend further as whales and retail accumulation continue.
Price suffers from bearish pressure | Source: PEPEUSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
