PEPE memecoin hits highest price since May as whale activity fuels rally

PEPE, the memecoin that somehow turned a cartoon frog into a billion-dollar asset, climbed to its highest price since May after surging more than 15% on August 20. The token reached approximately $0.00000311, riding a wave of renewed speculative interest across the broader memecoin sector. Trading volumes during the rally ballooned to between $400 million and $525 million, pushing PEPE’s market capitalization into the $1.3 billion to $1.55 billion range. For a token with no roadmap, no utility, and a supply of 420.69 trillion (yes, that number was chosen on purpose), that’s a remarkable amount of capital sloshing around. Whales set the table The rally didn’t materialize out of thin air. In the weeks leading up to the price spike, whales withdrew over 4.5 trillion PEPE tokens from centralized exchanges. When large holders pull tokens off exchanges, it reduces the available supply for selling, and the reduced sell-side pressure gave the token room to run once buying momentum kicked in. Technical indicators added fuel to the narrative. Analysts pointed to clustered moving averages and a neutral RSI reading, both appearing simultaneously for the first time in months. PEPE’s price had b...