Pepe, a cryptocurrency based on the popular 2000s internet meme, reached new heights, showing significant growth thanks to large investor activity and support from the Robinhood trading platform.
Pepe's Record Growth
Launched in April 2023 as a tribute to the Pepe the Frog internet meme, the Pepe cryptocurrency quickly gained popularity among the crypto community. It has risen by over 40,000%, reaching an all-time high of $0.000025 after Robinhood announced its listing. At the time of writing, Pepe's price is $0.000022 with a market cap of $9.8 billion, making it the 14th largest crypto token.
Whale Activity
Following Robinhood's announcement, large investor activity around Pepe increased fourfold. Data from the IntoTheBlock platform shows that the volume of large transactions, each involving at least $100,000 worth of PEPE, rose from $405 million to $1.66 billion. Over 3,000 such transactions were conducted by large investors on November 13 alone.
Market Impact
At the same time, there was a massive selloff by the largest holders of Pepe, with a net outflow of 1.11 trillion PEPE on Wednesday. Typically, such actions cause a sharp drop in the prices of crypto assets. However, this time, retail investor accumulation appears to have neutralized the large holder selloff, helping maintain price stability. Pepe might experience a price correction before another rally, given the skyrocketing trading volume and whale activity.
Pepe continues to draw attention in the crypto market with its explosive dynamics and interest from large investors. With steady growth and significant trading volumes, the cryptocurrency holds strong even amidst heightened volatility.
