The rise of PEPE Coin, the world's third-largest meme cryptocurrency, shows no signs of slowing down. In the past 24 hours, the price of PEPE has jumped another 12%, pushing its weekly gains to over 80%. As of now, PEPE is priced at $0.0000166, with its market cap exceeding $7 billion—a new record. This surge in PEPE's value comes amid significant investor interest, with daily trading volumes soaring above $2.56 billion.

PEPE Coin Reaches New High

PEPE has now secured its place as the third-largest meme coin, trailing only Dogecoin and Shiba Inu. Not only has PEPE outperformed its meme coin competitors, but it has also surpassed the broader cryptocurrency market, recording a 135% increase in value over the past month. Since the beginning of the year, this Ethereum-based token has provided its investors with a 12-fold return.

This impressive performance has caught the eye of large investors. According to the on-chain tracking service Spot On Chain, a whale investor recently withdrew 1.32 trillion PEPE tokens from Binance over the past five days. At current prices, this whale's PEPE holdings have seen a 21% profit.

What Drives PEPE's Price Surge?

PEPE's remarkable rise aligns with the positive sentiment in the crypto market following the approval of spot Ethereum ETFs. The coin's price trend remains bullish as buyers fend off attempts to push it down. A strong support level has formed around $0.00001380, which has been tested twice. Moreover, PEPE is showing a pattern of higher lows and higher highs, indicating a steady upward trend. The price is also above the 50-day and 200-day simple moving averages (SMA), reinforcing the positive outlook.

PEPE seems set for further gains, with on-chain analysis firm Santiment noting a significant increase in active addresses holding PEPE—from 3,600 to 12,000—between May 21 and May 22. A similar rise in PEPE-holding wallets was seen in mid-May.

In conclusion, the recent surge in PEPE Coin, driven by whale accumulation and positive market sentiment, has solidified its position in the crypto world. With its price trading above key moving averages and a growing number of active addresses, PEPE is well-positioned for continued growth.