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According to IntoTheBlock, frog-themed cryptocurrency PEPE has seen a staggering 4,479% surge in large holder inflows, which tracks the funds going into whale addresses.
Whale inflows may be a bullish indication on the cryptocurrency market, suggesting confidence among large holders. In the case of PEPE, this optimism appears to have generated a frenzy of inflows, causing PEPE prices to reach new highs.
In one such whale movement, Whale Alert reported a 506 billion inflow to Robinhood: "506,817,430,776 PEPE worth $11,405,224 transferred from Wintermute to Robinhood."
Robinhood listed PEPE this week, thus the move could be indicative of institutional buying.
PEPE hits all-time high
PEPE has risen nearly 250% from its Nov. 5 low of around $0.0000078 to an all-time high of $0.0000258 on Nov. 14. Since Nov. 5, PEPE has marked nine out of eleven days in the green.
The price encountered resistance at its all-time high of $0.0000258, causing PEPE to fall. PEPE is currently down 1.16% in the last 24 hours to $0.0000214, after rising 97% in the previous seven days.
In the coming days, all eyes will be on the PEPE price, which has recently surged to an all-time high of $0.0000258; PEPE's next targets are $0.00003 and $0.00004. Support is expected at $0.000018 in the case of a dip.
PEPE scores new listings
PEPE's performance comes as major cryptocurrency exchanges listed the meme coin this week. On Nov. 13, Robinhood Crypto announced that users in the United States could now trade Pepe alongside cryptocurrencies Solana, Cardano and XRP.
Shortly following Robinhood's announcement, Coinbase announced that PEPE would be listed on its platform. Coinbase is the largest crypto exchange in the United States and the third-largest exchange globally by trading volume, so a listing there is expected to boost PEPE even further.
Upbit, South Korea's largest cryptocurrency exchange, also allowed trading of PEPE trading pairs on Nov. 16.