Frog-themed meme coin Pepe (PEPE) has seen a 42% price surge in the last 24 hours, capturing the market’s attention.
According to blockchain data tracker Whale Alert, a massive 7.14 trillion PEPE, worth nearly $78.8 million, was transferred between unknown wallets within minutes.
Whale Alert reported in recent hours that “7,143,024,728,061 PEPE (78,827,992 USD) transferred from unknown wallet to unknown wallet.”
While the origin and destination of the PEPE tokens remain unknown, the transaction’s size has fueled speculation. Whale moves of this magnitude could indicate accumulation, wallet reshuffling or an over-the-counter (OTC) transaction that takes place outside of a cryptocurrency exchange. However, with PEPE’s price upsurge, the sentiment appears to be bullish currently.
PEPE’s explosive price gain comes amid a broader crypto market rally that has seen over $800 million in short bets liquidated within 24 hours.
According to CoinGlass, $837 million in short positions wiped out on the crypto derivatives market in the last 24 hours remains the largest short liquidation since 2021.
PEPE skyrockets
Bitcoin surpassed $104,000, lifting the entire crypto market higher. PEPE likewise gained momentum, extending its price surge to highs last seen at February’s start.
PEPE began to rebound from lows of $0.00000759 on May 6; the rally gained momentum as the price sharply rose in the Thursday session.
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Strong buying pressure was also evident in the early Friday session, with the PEPE price skyrocketing to a high of $0.00001397, effectively removing a zero from the PEPE price.
At press time, PEPE was up 44% in the last 24 hours to $0.00001328 and up 52% weekly. If today concludes in green, it would mark PEPE’s fourth consecutive day of gains since May 6.
Along with the price increase, PEPE’s trading volume has increased 368% in the last 24 hours, reaching $3.57 billion, according to CoinMarketCap data.