Pepe Coin (PEPE), the whimsical frog-themed internet currency, has soared to unprecedented heights, seizing the spotlight within the cryptocurrency community. On March 14, 2024, PEPE witnessed a remarkable 18.74% surge in value within a mere 24 hours, stabilizing at $0.00001055 and surpassing major digital currencies like Ethereum.

The recent upsurge in PEPE's value can be traced to several factors, with significant credit due to entrepreneur extraordinaire Elon Musk. Musk's playful promotion of a PEPE meme on his social media platform, X, has ignited substantial interest among enthusiasts of meme-based virtual currencies, fueling the escalating buzz surrounding the coin.

As the price of PEPE continues its upward trajectory, notable players within the meme coin arena have been actively transferring sizable quantities of the token to leading centralized exchanges in pursuit of maximizing profits. Spot On Chain, an analysis service, flagged a prominent participant who procured 15.2 trillion PEPE tokens four years ago for 10 ETH. This player recently moved over 200 SHIB to Gemini and Crypto.com, netting gains in excess of $6 million. Another major player was observed selling 1.9 trillion PEPE tokens, yielding an estimated profit of about $3.3 million.

Despite profit-taking maneuvers by these key players, Pepe Coin has displayed resilience and an underlying stability within the meme coin domain. The coin swiftly recovered from market fluctuations, bolstering investor confidence and indicating its capacity to withstand selling pressures.

Data from Coinglass indicates a considerable surge in open interest for Pepe Coin, reflecting a growing enthusiasm among investors. Open interest surged by 26.69% to $147.54 million, accompanied by a 48.49% increase in trading volume, reaching $1.38 billion. This surge in interest and investment has positively impacted PEPE's overall market performance, aligning with its observed price surge.

As Pepe Coin gathers momentum, experts and traders are closely monitoring its potential ripple effect across the broader meme coin sector. There are speculations that PEPE's ascendancy could reignite fervor for meme coins, stimulating heightened interest and investment in other meme-inspired digital currencies.