• PEPE was up 414% in a week amidst a broader meme coin rally.
• PEPE’s whale transactions increased substantially over the week.

Frog-themed token Pepe [PEPE] jumped 62% in the last 24 hours, becoming the highest gainer in the entire crypto market.

At the time of the writing, the popular coin was up by 414% in a week, and a whopping 700% in a month, amidst a broader bull market that has spurred a wild demand for meme coins.

The rally catapulted PEPE to become the third-largest memecoin, upstaging Bonk [BONK].

Whales increase their PEPE appetite

PEPE’s parabolic rise continued to attract whale investors. According to popular on-chain tracking platform Lookonchain, two whales added a significant quantity of PEPE tokens to their portfolios recently.

One of the whales withdrew 840.86 billion PEPEs, worth $6.3 million at press time, from Binance [BNB] at 10:59 pm UTC on the 3rd of March.

Some time before this, a whale had swapped $1.95 million worth of USD Coin [USDC] for 340.86 billion PEPE tokens on decentralized exchange Uniswap [UNI].

To gain a broader understanding of the trend, AMBCrypto examined Santiment’s data.

Indeed, PEPE’s whale transactions, valued at over $1 million, increased substantially over the week. Buying pressure fueled these transactions, as addresses belonging to whale cohorts rose significantly.

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Author: Aniket Verma

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