Does PEPE still have room to increase more than five times?

Let's look at the on-chain indicators...

After hitting a new high, PEPE became the first major meme to hit such a milestone in the current bull cycle. A large part of this rise is attributed to a surge in whale activity and strategic accumulation.

PEPE whales recently increased their holdings by $1.14 billion, controlling an amount of $7.56 billion. Such large-scale whale activity drove a bullish surge over the weekend, pushing PEPE's market value to more than $10 billion for the first time. Currently, the market value is about $11.17 billion, and whales control about 67% of it.

The hoarding of whales is not a spontaneous event. Indicators show that the 30-day holdings of addresses holding more than $10 million in PEPE have increased by 147.81%. A major purchase worth $1.14 billion occurred on December 7.

Addresses holding $1 million to $10 million increased by 119%, while addresses holding $100,000 to $1 million increased by 108%. Medium-sized investors managing $10,000 to $100,000 saw their holdings grow by 84.25%. Small investors holding $1,000 to $10,000 saw their holdings increase by 55.29%.

Overall, this broad accumulation pattern has amplified buying pressure on PEPE, causing it to grow by 150% over the past month.

PEPE’s record-breaking performance has been aided by its expanding accessibility through major cryptocurrency exchanges. Recent listings on platforms such as Coinbase, Robinhood, and Binance US have significantly increased its exposure to retail and institutional investors across the United States. These additions have provided a wider range of trading and investment opportunities for the meme-based cryptocurrency.

Such exchange listings have had far-reaching effects, especially in the current bull market. With continued accumulation by whales and retail investors, PEPE’s bullish trajectory seems poised to continue further.

As for whether there is still room for five times, it remains to be seen! ! !

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