PEPE Hits $10.5 Billion Market Cap Milestone Amidst Frenzied Whale Action

Christian Encila

8 months ago

3 mins read

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PEPE, the meme-inspired cryptocurrency, made headlines after crossing $10 billion in market valuation. The memecoin’s price increased by more than 22% in the last week, which confirmed its dominance in the digital asset industry. Its ascent is attributed to a blend of factors such as exchange listings, whale stockpiling, and overall market bullishness following major events.

Exchange Listings Boost Adoption

PEPE’s listing on high-profile platforms like Binance.US, Coinbase, and Robinhood has significantly expanded its reach. These moves have introduced the frog-themed coin to a broader audience, providing easier access for traders and investors alike. The listings have not only improved liquidity but also heightened interest, placing PEPE firmly in the spotlight of the cryptocurrency community.

Pepe market cap breaks the $10 billion level. Source: Coingecko

These occurrences occurred amid an overall market boom, with Bitcoin surpassing $100,000 following the US presidential election results. This broader market enthusiasm has also spread to altcoins, providing memecoins like PEPE an added boost.

Whales increased their $PEPE holdings by $1.14 billion yesterday! 👀👀 pic.twitter.com/gLhCs8LCLE

— Ali (@ali_charts) December 8, 2024

Whale Investors Shape The Market

Whale activity has been a major driver of PEPE’s recent surge. Large investors purchased the token for $1.14 billion in a single day, indicating significant confidence in its future. Wallets with $10 million or more saw their balances increase, indicating a massive shift of PEPE from lesser holders to larger players.

SpotonChain data shows a 30-day pattern in which midrange and large-tier wallets (those with $10,000 to $10 million) increased their holdings by up to 120%. Such accumulation is sometimes a forerunner to market movements, and current trends indicate that whales are preparing themselves for long-term gains.

Total crypto market cap at $3.39 trillion on the 24-hour chart: TradingView.com

Bullish Forecasts And Market Dynamics

Analysts are enthusiastic about PEPE’s future performance. Technical indicators point to a potential 254% increase within three months, supported by significant investor interest and favorable market circumstances. The development of 13,000 new wallets over the last month demonstrates the organic demand that is propelling this memecoin’s growth.

Meanwhile, long-term projections are a lot more aggressive, with one estimating an astonishing 1720% gain in less than a year, data from CoinCheckup shows. All these have been fueled by the optimism of increased inflows into Ethereum ETF and regulatory certainty. Analysts project that if PEPE holds important support levels, the stock will be able to overcome resistance and continue its ascending path.

PEPE price seen rising in the coming weeks. Source: CoinCheckup

A Leader In Meme Coins

PEPE, with a current price of $0.00002549, exemplifies meme currencies’ growing significance in the cryptocurrency industry. While its rapid increase is thrilling, it also emphasizes the speculative nature of these assets. As PEPE cements its position among the top memecoins, its path exemplifies the dynamic and unpredictable nature of cryptocurrency markets.

Featured image from Rolling Stone, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.