PEPE Coin Surges 75% Following Major Listings, Triggering Whale Selling

Pepe Coin (PEPE) has experienced a remarkable 75% increase in value within 24 hours, following its listings on Coinbase, Robinhood, and Upbit. Its market capitalization has now surpassed $10 billion, with daily trading volume surging by 200% to over $20 billion.

Major Sell-Offs Commence

However, on-chain data suggests potential selling pressure from early PEPE investors. Notably, a significant PEPE whale sold approximately 500 billion PEPE, realizing an estimated $45 million in profit. This whale had accumulated 2.01 trillion PEPE tokens between May 5 and September 10 last year, investing around $2.12 million in the process.

Despite the sale, the whale still holds 1.48 trillion PEPE. This suggests a 20-fold return on their initial investment, amounting to approximately $45 million in profit.

PEPE Price Hits Record High

The listings on major exchanges have propelled PEPE to a record high, with a 75% increase in value. Following Donald Trump's recent victory in the U.S. Presidential Election, the meme coin market has gained significant momentum. Other popular meme coins, such as Dogecoin (DOGE), have also experienced weekly gains exceeding 100%.

Elevated Market Activity and Potential Risks

Santiment has observed elevated levels of activity in the meme coin market. There is a noticeable increase in greed and FOMO in social media discussions, indicating potential selling pressure. Economist Alex Kruger believes that "excluding Bitcoin, the crypto market is currently largely focused on meme coins."

Opportunities and Risks for Traders

The meme coin market offers opportunities and risks for traders. Significant whale sell-offs and growing social media interest have heightened market volatility. Investors are advised to closely monitor market trends and whale activities to navigate the market effectively.

Conclusion

PEPE's surge underlines the evolving nature of the crypto market. The rise in meme coin popularity emphasizes the importance of caution and trend monitoring for investors seeking to capitalize on market opportunities while mitigating potential risks.