Pepe USD (PEPE) has experienced a notable price increase today, driven by significant whale activity and broader market trends in meme coins. A prominent PEPE whale recently moved 300 billion PEPE tokens, valued at $6.77 million, to the Kraken exchange, sparking interest and liquidity in the market. This whale has been actively trading PEPE, accumulating and selling large quantities, which has contributed to the token's market dynamics. Additionally, the broader meme coin market has seen a resurgence, with tokens like Bonk and Floki experiencing substantial gains, which has positively influenced sentiment around PEPE.
The recent surge in meme coins, including PEPE, is also supported by the overall excitement in the crypto market, as investors look for high-risk, high-reward opportunities. The meme coin sector has outperformed the broader market, with an average gain of 8% in the past 24 hours, as reported by CoinDesk. This trend is further bolstered by the Commodity Futures Trading Commission's (CFTC) recognition of certain meme coins as utility tokens, adding a layer of legitimacy to the sector.
Pepe USD has risen by 3.41% today, with its price currently at $0.000018. The token reached a high of $0.000020 earlier in the day, reflecting increased investor interest and trading activity.