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The PEPE award recently reached a new all-time record (ATH) from $0.00002716, becoming the first major meme cryptocurrency to do so in the ongoing bull cycle. This rally to a new all-time PEPE record was driven by increased whale activity and accumulation.
Accumulation of whales fuels PEPE’s bullish momentum
Facts divided by Crypto analyst Ali Martinez highlights on social media platform This adds to a bullish run over the weekend, which saw PEPE’s market capitalization surpass $10 billion for the first time. At the time of writing, PEPE has a market capitalization of approximately $11.17 billion, meaning this holder cohort now controls approximately 67% of the total market capitalization.
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Interestingly, data on the chain shows that increase in whale accumulation I didn’t just start yesterday. IntoTheBlock’s Balance By Holdings in USD metric shows a 147.81% increase in 30 days in holding addresses worth over $10 million in PEPE tokens. These large holders have been on an accumulation trend, with a massive $1.14 billion purchase on December 7 alone.
Other cohorts of stockholders have also added significantly to their positions over the past month. Addresses holding between $1 million and $10 million in PEPE recorded a 119% increase in their holdings during this period, while those holding between $100,000 and $1 million saw a 108% increase. Mid-tier investors with assets between $10,000 and $100,000 recorded an 84.25% growth in their balances, while even smaller holders with $1,000 to $10,000 in PEPE saw their holdings increase by 55.29%.
This increase in accumulation across all cohorts has increased buying pressure on PEPE, causing the meme cryptocurrency to increase in value by 150% over the past 30 days.
Exhibition listings and accessibility increase PEPE’s popularity
Another notable driver behind PEPE’s record performance is its growing accessibility after listing on major crypto exchanges. PEPE has been added to crypto exchanges such as Coinbase, Robinhood and Binance US in recent days, significantly increasing its exposure to retail and institutional investors in the US. These listings have made it easier for a wider audience to trade and invest in the meme cryptocurrency.
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The impact of these listings has been significant, especially as the sector is currently in a bull phase. At the time of writing, PEPE is trading at $0.00002616, which represents an increase of 3.5% in the last 24 hours. PEPE’s bullish trajectory looks to extend further as whale and retail accumulation continues.
Featured image created with Dall.E, chart from Tradingview.com