The meme-inspired cryptocurrency $PEPE has experienced a remarkable surge of nearly 70% in price over the past week.
This extraordinary ascent can be attributed to the increased participation of cryptocurrency whales, who are actively engaging with the cryptocurrency as its value continues to rise.
According to on-chain analytics firm Santiment, $PEPE witnessed a significant 61% surge within just 48 hours. This surge coincided with a surge in whale transactions, with the cryptocurrency experiencing the highest volume of $100,000+ whale transactions in the past six weeks. This heightened whale activity has played a crucial role in driving the price of $PEPE to new heights.
Outperforming Rival Meme Tokens: In addition to the surge driven by whale activity, $PEPE has outperformed other popular meme tokens like Dogecoin and Shiba Inu.
As the broader crypto market recovers, $PEPE has emerged as a standout performer. This rally in cryptocurrency prices was triggered by the submission of applications for spot Bitcoin exchange-traded funds (ETFs) by major financial institutions such as BlackRock, Invesco, and WisdomTree. The positive market sentiment has contributed to $PEPE’s upward trajectory.