PEPE whale activity explodes amid price rally to new ATH

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).