7,143,024,728,061 PEPE in Minutes as PEPE Price Skyrockets

Frog-themed meme coin Pepe ($PEPE) has seen a 42% price surge in the last 24 hours, capturing the market's attention.

According to blockchain data tracker Whale Alert, a massive 7.14 trillion $PEPE, worth nearly $78.8 million, was transferred between unknown wallets within minutes.

Whale Alert reported in recent hours that "7,143,024,728,061 $PEPE (78,827,992 USD) transferred from unknown wallet to unknown wallet."

While the origin and destination of the $PEPE tokens remain unknown, the transaction's size has fueled speculation. Whale moves of this magnitude could indicate accumulation, wallet reshuffling or an over-the-counter (OTC) transaction that takes place outside of a cryptocurrency exchange. However, with $PEPE's price upsurge, the sentiment appears to be bullish currently.

$PEPE’s explosive price gain comes amid a broader crypto market rally that has seen over $800 million in short bets liquidated within 24 hours.

According to CoinGlass, $837 million in short positions wiped out on the crypto derivatives market in the last 24 hours remains the largest short liquidation since 2021.

$PEPE skyrockets

Bitcoin surpassed $104,000, lifting the entire crypto market higher. $PEPE likewise gained momentum, extending its price surge to highs last seen at February's start.

$PEPE began to rebound from lows of $0.00000759 on May 6; the rally gained momentum as the price sharply rose in the Thursday session.

Strong buying pressure was also evident in the early Friday session, with the $PEPE price skyrocketing to a high of $0.00001397, effectively removing a zero from the $PEPE price.

At press time, $PEPE was up 44% in the last 24 hours to $0.00001328 and up 52% weekly. If today concludes in green, it would mark $PEPE's fourth consecutive day of gains since May 6.

Along with the price increase, $PEPE's trading volume has increased 368% in the last 24 hours, reaching $3.57 billion, according to CoinMarketCap data.