TL:DR;
- Several altcoins have popped up in the past few weeks to register massive double- and even triple-digit gains at some point.
- Will PEPE be the next in line? Some whale activity suggests so.
Alts’ Rally
The current crypto environment screams altseason. It all started after Donald Trump’s decisive victory in the US presidential elections when DOGE, alongside BTC, skyrocketed to new multi-year peaks, perhaps due to the asset’s affiliation with Elon Musk.
Since then, bitcoin has stalled and is in consolidation mode, while DOGE has calmed. However, numerous other altcoins have started to pop up frequently. XRP was at the forefront of these rallies, surging by more than 420% within a month, charting a 7-year high, and becoming the third-largest cryptocurrency by market cap.
The past 24 hours have seen the rise of two other bright stars – Tron and Binance Coin. Both have blasted through their previous ATHs, especially the former. TRX shot up by more than 70% and jumped above $0.43 to mark a fresh peak.
Other noteworthy contenders include XLM, HBAR, DOT, and AVAX. Now, the community has started to speculate on which altcoin will be next.
Is PEPE Next?
The third-largest meme coin also soared in value after Trump’s win and marked a new all-time high on November 14 at $0.00002457 (CoinGecko data). This came after numerous listings on large exchanges and a growing hype within the community.
Similar to DOGE, though, it retraced in the following weeks and now sits below $0.000021 – or 15% away from its peak from last month. It has remained somewhat on the sidelines, with the focus going on many of the aforementioned assets.
However, it seems certain large investors, known as whales, are turning their attention back to it, which could suggest a further rally. Data from Lookonchain shows that a single whale had accumulated and withdrawn nearly $7 million worth of PEPE in the past 20 days. Such large purchases and withdrawals often precede price increases due to the declining available supply and immediate sell pressure.
Whales continue to accumulate $PEPE!
A whale has withdrawn 337.09B $PEPE($6.92M) from #Binance in the past 20 days.https://t.co/65vbIQd2dd pic.twitter.com/79NauAQt8V
— Lookonchain (@lookonchain) December 4, 2024
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