crypto.news
The recent Pepe (PEPE) price rally has triggered an impressive increase in the memecoin’s whale activity.
PEPE is up by 21% in the past 24 hours and is trading at $0.0000102 at the time of writing. The asset reached an all-time high of $0.0000109 at 16:40 UTC on March 13. Pepe currently has a total market cap of $4.3 billion with a daily trading volume of $2.15 billion.
According to data provided by Santiment, whale transactions consisting of at least $100,000 worth of PEPE surged by 416% over the past 24 hours — rising from 135 to 697 unique transactions per day.
Data shows heightened exchange activity for the frog-themed memecoin. Per Santiment, the PEPE exchange inflow recorded a 255% rally over the past day — currently hovering at 8.03 trillion tokens.
Quite similarly, the asset’s exchange outflow also increased by 240% in the past 24 hours and is currently sitting at 6.73 trillion PEPE, according to data from the market intelligence platform.
PEPE is currently witnessing an exchange net inflow of 1.3 trillion coins. The movements could potentially trigger a short-term selloff due to whales taking profits at this price point.
Moreover, the PEPE Relative Strength Index (RSI) has been consistently rising since May 9. Per Santiment, the memecoin’s RSI is hovering at the 70 mark — suggesting that PEPE is overvalued and overheated in this market condition.
Due to the heightened whale activity and increased RSI, high price volatility would be expected for PEPE until further movements.
According to a crypto.news report on May 13, the memecoin ecosystem recorded notable gains as the market gained bullish momentum. Among the top gainers are Pepe, Dogecoin (DOGE), Shiba Inu (SHIB) and Floki (FLOKI).