The cryptocurrency market has been abuzz with the recent surge of the meme coin PEPE, which has surpassed Polygon's MATIC in market capitalization. This unexpected turn of events has sparked widespread interest and discussion within the crypto community, as analysts and investors alike try to unravel the factors behind PEPE's meteoric rise.

According to Crypto Rover, a prominent analyst on X, PEPE's market cap flip of MATIC marks a significant milestone for the meme coin. This development comes on the heels of a remarkable price rally for PEPE, which has caught the attention of the entire crypto ecosystem.

Spot On Chain, an on-chain analytics firm, has shed light on a significant transaction that may have contributed to PEPE's surge. A whale withdrew 1.323 trillion PEPE from Binance at approximately $0.00001378, costing around $18.2 million. With PEPE's price skyrocketing by 81% over seven days to a new all-time high (ATH), the whale's holdings are now valued at $22.1 million, representing a 21% gain.

At the time of writing, PEPE trades at $0.00001664, with a daily trading volume of $1.948B, marking a 6.12% increase in the last day and a staggering 76.88% rise over the past week. This data underscores the intensity of the meme coin's price movement and the level of investor interest it has generated.

The whale's transactions on Binance suggest a strategic move to either hold or sell at a higher price, a decision that has undoubtedly contributed to PEPE's price surge. Such large transactions can significantly influence market sentiment and drive up prices, as investors take cues from the actions of whales and other major players in the market.