PEPE Memecoin Surges 15% as Whale Activity Fuels Rally

PEPE, the memecoin linked to an internet meme, has surged over 15% in price since August 20, hitting its highest value since May. This rally brings PEPE's market capitalization into the $1.3 billion to $1.55 billion range, with trading volumes reaching between $400 million and $525 million.

The token's price increase is largely attributed to whale activity, as large holders withdrew over 4.5 trillion PEPE tokens from centralized exchanges in the weeks leading up to the spike. This reduction in available supply has given the token room to run once buying momentum kicked in.

Technical indicators, such as clustered moving averages and a neutral RSI reading, have also contributed to the narrative, suggesting that momentum indicators were not signaling overbought conditions. As a result, there was room for a breakout in either direction.