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PEPE, the cryptocurrency associated with the Pepe the Frog meme, has seen a rapid rise in price and trading volume. According to CoinMarketCap, PEPE’s trading volume has increased by 322% in the past 24 hours.
This unprecedented surge in activity is accompanied by an epic price spike that saw PEPE set a new all-time high (ATH). PEPE’s market capitalization jumped to $ 4.46 billion, surpassing Uniswap’s and ranking it 23rd in terms of market value.
The growth in PEPE trading volumes may indicate an increase in investor interest and market activity around the meme-inspired cryptocurrency. PEPE’s rise to a new all-time high came shortly after GameStop stock trader Keith Gill funded his Roaring Kitty X account for the first time in three years.
PEPE has been growing steadily since mid-April. The positive activity was further intensified after PEPE surpassed the daily MA 50. After rising for two consecutive days, PEPE’s price accelerated on May 13 and reached an all-time high.
Whales are also actively supporting PEPE’s price action. According to Lookonchain, a few hours ago, one trader spent 1.86 million USDC to buy 195 billion PEPE, making an unrealized profit of $ 236,000. Another «whale» bought 406.74 million PEPE from Binance for $ 4.26 million, having previously earned $ 3.72 million on PEPE.