The meme cryptocurrency PEPE has broke its own all time high (ATH) of $0.00002716, making this the first major meme coin to see such a peak in the current bull market. A large increase in whale accumulation has been blamed for a surge that propelled PEPE’s market capitalization above $10 billion for the first time.
Crypto analyst Ali Martinez shared on chain data which revealed that much of this growth has been due to “whales,” large investors. Whale wallets that hold PEPE tokens have added $1.14 billion in the last month bringing their total holdings to $7.56 billion. Now, roughly 67% of the total market cap of PEPE is held by these whales, which currently is roughly about $11.17 billion.
PEPE Price Jumps 150%
IntoTheBlock further analyzes a rise of 147.81 percent in the accumulated holdings of addresses with over $10 million of PEPE tokens now in their wallets. This massive purchase of $1.14 on December 7 was what drove this sharp rise. Growth has also been impressive in other holder categories, with addresses holding between $1 million and $10 million growing their stakes 119%, or holding $100,000 to $1 million upward of 108% in the last 30 days.
Along with it, this surge in whale and retail investment has propelled PEPE’s price up some 150% in the past month. The cryptocurrency has also garnered a great deal of momentum in rallying due to its increased availability, as the meme cryptocurrency was recently listed on large ones like Coinbase, Robinhood, and Binance US. These listings have increased the coin’s reach, both on an institutional and retail level among U.S. based investors.
As of the time of writing, The meme cryptocurrency was listed at 0.00002616 which is 3.5% in the last 24 hours. With whale accumulation and retail interest continues to grow, moreover, the meme cryptocurrency bullishness has already started showing no sign of slowing down.
