- PEPE’s price surged 53% in a week, outperforming most assets in the meme coin category.
- Whale activity intensified, including a $78.8 million PEPE transaction on May 9 between anonymous wallets.
- Technical breakout above resistance and strong volume supported PEPE’s climb, adding to market-wide bullish sentiment.
PEPE has gained significant ground this week, posting a 53% increase in price. The meme coin is leading a wider rally in the meme coin sector, which has risen by 18%. The broader cryptocurrency market is showing strong bullish signs, especially as it heads into the weekend, according to data from on-chain analytics provider Santiment.
On May 8, blockchain tracker Lookonchain recorded a major whale purchase involving 500 billion PEPE tokens, valued at approximately $4.36 million. This move raised the whale’s total PEPE holdings to 2 trillion tokens. Two days later, Whale Alert reported another large transaction of 7.14 trillion PEPE tokens worth nearly $78.8 million, transferred between unidentified wallets.
Price Action and Market Sentiment
The price of PEPE has shown steady gains since May 6, when it began recovering from lows of $0.00000759. By Thursday, the token rose to $0.00001397, effectively erasing a decimal point from its price. On Friday, PEPE recorded a high at intraday level of $0.00001360 although the sync was mildly lower by the end of day. At the time this update was released, the token was priced at $0.00001242 with a small increase of 0.21 percent in the last day.
As can be argued, PEPE has most likely recently broken through the critical resistance level of price in line with technical analysis which has in turn resulted in the recent unstoppable increase in price. More on-chain action, including large whale transactions and ratchets up in trading volume, supporting the breakout. This cocktail of events has been the reason behind rallying the spirit and attracting investors.
Meme Coin Sector Shows Growth
The meme coin sector has witnessed strong momentum, outperforming several other segments of the crypto market. Alongside PEPE, other meme tokens have also posted double-digit gains. The ongoing optimism appears linked to a broader uptick in sentiment across liquid staking platforms and Layer-1 blockchains.
