PEPE Skyrockets 53% as Meme Coin Frenzy Gains Steam

The meme coin market is heating up again, and $PEPE is benefiting from the bullish momentum. The frog-themed token has surged 53% in the week, riding a new wave of investor optimism in the cryptocurrency market.

According to on-chain analytics firm Santiment, the crypto market is heading into the weekend with strong bullish momentum. A few sectors, including meme coins, liquid staking platforms and Layer-1 blockchains, are showing double-digit percentage gains in market capitalization. The meme coin sector alone has risen 18%, with $PEPE among the standout performers.

$PEPE's surge is backed by increased trading volume and on-chain activity, with whale movements and retail buzz helping to drive momentum. According to technical charts, $PEPE has risen past a critical resistance level, bolstering the price surge.

$PEPE sees whale activity

On May 8, Lookonchain reported that a crypto whale had purchased 500 billion $PEPE for $4.36 million, bringing the whale's total holdings to 2 trillion $PEPE.

On Friday, when the price of $PEPE soared, blockchain data tracker Whale Alert reported a massive 7.14 trillion (7,143,024,728,061) $PEPE worth about $78.8 million was transferred between unknown wallets in a single transaction.

$PEPE price erases zero

$PEPE began to recover from its lows of $0.00000759 on May 6, and the rally gathered traction as the price surged substantially on Thursday.

Strong buying pressure was also clearly apparent in the Friday session, with the $PEPE price surging to a high of $0.00001397, thereby removing a zero from the $PEPE price and causing it to post its fourth straight day of gains since May 6.

$PEPE remained in the green at press time, rising 0.21% in the previous 24 hours to $0.00001242, after reaching intraday highs of $0.00001360.