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- PEPE price spikes 61% in 24 hours after Coinbase announces its listing.
- Whale earns $5.04M profit on 52.62B PEPE, a 97% gain in 8 days.
- PEPE reached an all-time high of $0.00002524, now ranked 15th on CoinMarketCap.
Pepe (PEPE), a leading meme cryptocurrency, has recently captured significant attention due to large-scale transactions and major exchange listings. A notable whale deposited 52.62 billion PEPE, valued at $10.03 million, into Binance.
This whale Secured a profit of $5.04 million—a 97% gain in just eight days. Following this, PEPE price surged by approximately 61% within 24 hours after Coinbase announced its listing.
Major Exchange Listings and Price Surge
Coinbase’s announcement to list PEPE and Dogwifhat (WIF) led to immediate price spikes for both tokens. PEPE reached an all-time high of $0.00002524, climbing to the 15th position on CoinMarketCap’s rankings. Additionally, the cryptocurrency has been listed on other prominent platforms, such as Robinhood and Upbit, further boosting its market presence.
Another whale transferred 500 billion PEPE, worth $11.73 million, to Coinbase. This investor had accumulated PEPE between May 5 and September 10 for 1,170 ETH, equivalent to $2.12 million. The transaction positions the whale for a potential profit of $10.52 million. These substantial movements indicate strong investor confidence and have contributed to PEPE’s remarkable price increase.
This smart whale deposited all 526.2B $PEPE ($10.03M) to #Binance 9 hours ago, locking in a $5.04M profit (+97%) after just 8 days!$PEPE surged ~61% (24H) after #Coinbase’s listing announcement. However, the whale may have exited a bit early—at the current price, its profit… https://t.co/P78wBWcH5l pic.twitter.com/Gw8lyXxAtZ
— Spot On Chain (@spotonchain) November 14, 2024
Analysts Highlight Potential Amid Market Indicators
Crypto analysts observe patterns suggesting PEPE may be on the cusp of further growth. Technical indicators indicate that PEPE’s Relative Strength Index (RSI) is above 70, a sign of an overbought asset. Such a circumstance could fuel consistent rallying based on FOMO or cause a market reversal.
PEPE trades above $0.0000112, its 10-emo Exponential Moving Average (EMA), and $0.000011 above the 30-day EMA. This price trend indicates an increase of 60% in the past week, and the rate fluctuating between 0.00000819 and 0.000013. Experts caution that though the current movement is strong, market trends are very volatile and can change rapidly.
Meme Coin Market Sees Unprecedented Gains
The surge in PEPE’s value is part of a broader trend in the meme coin market. Other tokens like Dogecoin (DOGE), Dogwifhat (WIF), and Bonk (BONK) have also experienced significant increases. According to a report by on-chain data platform Santiment, these cryptocurrencies have yielded some of the highest returns in the past week.
Santiment warns that when meme coins dominate market discussions across platforms like X, Reddit, and Telegram, it often signals heightened market greed and emotional trading. Investors are advised to exercise caution, as such conditions can precede market volatility.