PEPE Leaps 14% as Whale Activity Spikes 200% – Smart Money or Just Meme Hype?

Another day, another meme coin rally—but this one’s got teeth. PEPE’s sudden surge comes alongside a jaw-dropping 200% spike in whale transactions, leaving retail traders scrambling to decode the move.

Is this the start of a legitimate trend or just another case of FOMO-fueled gambling? The charts scream volatility, but let’s be real—when has that ever stopped crypto degens?

Wall Street analysts are probably drafting their ’I told you so’ reports as we speak. Meanwhile, the rest of us are left wondering if we’re watching a pump-and-dump or the birth of the next shitcoin martyr.

Current market sentiment 

As of 23rd of May, the total crypto market cap rose by 4.53% to hit $3.5 trillion. Naturally, this broad rally lifted major altcoins, and Pepe capitalized on the momentum.

This substantial surge has influenced the majority of cryptocurrencies, with PEPE benefiting significantly.

Whale’s participation jumps by 200%

According to IntoTheBlock, transactions ranging from $1 million to $10 million and $100k to $1 million, typically linked to whales and institutions, have soared by 200% and 119.25%, respectively.

Source: IntoTheBlock

This surge in transaction size indicates rising interest from whales and their growing confidence in the memecoin.

In addition to whale participation, traders are also aligning with the current market sentiment, as revealed by CoinGlass.

Data shows that traders are over-leveraged at $0.00001399 on the lower side (support) and $0.00001611 on the upper side (resistance).

At these levels, traders built $15.94M in long positions and $3.28M in shorts around key liquidation levels.

Source: CoinGlass

Volume rises as price holds support

PEPE traded NEAR $0.00001555 at press time, posting a 14% daily gain. Volume jumped 11%, reinforcing the strength behind the move.

The price successfully held above the $0.00001485 support, which has now flipped into a near-term base.

According to AMBCrypto’s technical analysis, PEPE appears bullish, as the recent price surge has pushed the memecoin above a key resistance level, placing it on the verge of a massive upside rally.

Source: TradingView

If the memecoin holds above the $0.0000145 level, there is a strong possibility it could continue its upward momentum and soar by 35%, potentially reaching the $0.000021 level in the near future.