PEPE surges 18.5% amid increased whale activity

Pepe (PEPE) has recorded an impressive price surge over the past day, fueled by increased whale activity.

PEPE has surged by 18.5% in the past 24 hours and is trading at $0.0000080 at press time. The meme coin's market capitalization has risen to $3.31 billion, making it the 37th-largest digital asset at the time of reporting.

PEPE price, RSI, whale activity and exchange activity – April 24 | Source: Santiment

Moreover, PEPE's daily trading volume has surged by 62%, reaching $1.64 billion. Data reveals that 46.8% of the meme coin's trading activity, exceeding $768 million, originates from the Binance crypto exchange.

On April 11, Coinbase announced the listing of the Pepe perpetual futures contract on its platform but had to postpone the launch due to "technical reasons" on April 18. After a five-day hiatus on April 23, the exchange announced that the 1000PEPE-PERP contract was available for non-U.S. residents.
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Our 1000PEPE-PERP market is now in full-trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop, and stop limit orders are all now available. pic.twitter.com/hO32wARVFu— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) April 23, 2024

According to data provided by Santiment, the number of whale transactions involving at least $100,000 worth of PEPE has increased by 11% over the past day — rising from 246 to 273 unique transactions.

The meme coin's Relative Strength Index (RSI) has also risen from 46 to 56 in the past 24 hours, according to Santiment. This movement indicates that PEPE is slightly overbought and overvalued at its current price level, and moderate price volatility is likely.

An RSI below 50 could potentially indicate that PEPE is well-positioned for further price appreciation.

Data from the market intelligence platform indicates that Pepe's exchange activity has also increased. According to Santiment, 5.65 trillion PEPE tokens have entered exchanges in the past 24 hours, while 4.87 trillion coins have exited exchanges during the same period.

The net inflow of 780 billion PEPE tokens into exchanges suggests that some investors may be seeking short-term gains in anticipation of further market movements.

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