During the recent Pepe (PEPE) price surge, there has been a notable uptick in whale activity within the memecoin’s ecosystem. PEPE has surged by 21% over the past 24 hours, currently trading at $0.0000102. It reached its peak at $0.0000109 at 16:40 UTC on March 13. Presently, Pepe boasts a total market capitalization of $4.3 billion, accompanied by a daily trading volume of $2.15 billion.
According to data from Santiment, whale transactions involving at least $100,000 worth of PEPE surged by 416% in the past 24 hours, climbing from 135 to 697 unique transactions per day.
There has been a notable increase in exchange activity for PEPE, with Santiment reporting a 255% rise in the memecoin’s exchange inflow, currently at 8.03 trillion tokens. Similarly, the asset’s exchange outflow saw a 240% increase over the past day, reaching 6.73 trillion PEPE tokens, according to data from the market intelligence platform.
PEPE is currently experiencing an exchange net inflow of 1.3 trillion coins, indicating a potential short-term selloff as whales may look to capitalize on profits at this price level.
Additionally, Santiment notes that the PEPE Relative Strength Index (RSI) has been steadily climbing since May 9 and is now hovering around the 70 mark. This suggests that PEPE may be overvalued and experiencing overheating in the current market conditions.
With increased whale activity and a rising RSI, PEPE is likely to experience high price volatility in the near future.
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