The PEPE cryptocurrency has been on a strong run in the local market over the past week. At the start of the week, the coin surged by 20%, making up for some of the losses it suffered earlier in the month. PEPE was trading at $0.000022, its highest level since December 18.
One of the major factors contributing to this surge was Tesla CEO Elon Musk updating his profile picture on the X platform (formerly Twitter) to a “baby” image. This development generated widespread interest and led to an increase in demand for the coins.
Additionally, it has seen strong support from “whales” (large investors) before that, as they have collected more than $3.3 trillion worth of “Baby” coin worth $24.3 million in the past two weeks, bringing their total wealth to $46.96 trillion worth of the coin.
However, we started to see some selling, with its price reaching 15% after developers sent nearly 4% of the total supply of the coin to a number of exchanges without prior notice, leading to the discovery of new innovations.