The frog-themed meme coin PEPE has experienced a dramatic surge in its valuation, positioning it for a potential sell-off by market whales. Over the last 24 hours, PEPE's price has increased by 2.15%, reaching $0.00001654, buoyed by a remarkable 75% rise over the past week.

This bullish momentum has set a positive tone for other meme coins this month. Historically, May has been a strong month for PEPE, with the token ending May 2023 at a 74.9% growth. However, this year has seen even more impressive performance, with PEPE already recording a 148.2% increase so far. This meteoric rise has helped PEPE achieve multiple all-time highs (ATH) this month, the latest of which saw the token's price soar to $0.00001718.

Adding to the excitement, on-chain data from the crypto analytics platform Lookonchain revealed that two newly created wallets withdrew 182.7 billion PEPE tokens, worth approximately $3.1 million, from OKX within an hour. Such significant movement of PEPE tokens from an exchange can be interpreted as a vote of confidence, suggesting a reduced willingness to sell among major holders. While some investors may be looking to take profits, the cautious behavior of PEPE's whales, as indicated by IntoTheBlock's concentration by holders data, suggests a strong hold sentiment.

The current bullish trend positions PEPE on the verge of surpassing Polygon (MATIC) by market capitalization. As of now, PEPE's market cap stands at $6.98 billion, closely trailing Polygon's $7.21 billion. If PEPE's price rally continues at this pace, it could potentially surpass not only Polygon but also Near Protocol, Bitcoin Cash, Tron, and others, much like it previously overtook Ethereum Classic.

This surge in PEPE's value and the substantial token movements underscore the dynamic and speculative nature of meme coins in the cryptocurrency market. As the market watches PEPE's next moves, the token's impressive growth trajectory highlights the volatility and potential for significant returns that characterize the meme coin sector.