According to cryptocurrency analysis firm LookOnChain, a whale has purchased 500 billion worth of Pepe (PEPE) tokens worth $4.36 million. The whale’s wallet currently holds 2 trillion coins worth $17.42 million.

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Cryptocurrencies Rally Into The Green Zone

The whale’s big purchase comes amid a market-wide resurgence. Bitcoin (BTC) is testing the $99,000 mark. The global crypto market cap has risen by 1.3% in the last 24 hours to $3.18 trillion. PEPE follows a similar trend as well. The frog-themed memecoin is up 9.5% in the daily charts, 2.7% in the 14-day charts, 39.6% over the previous month, and 11.7% since May 2024. Despite the turnaround, the memecoin is down 1.7% over the last week.

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PEPE’s rally is likely due to Bitcoin (BTC) briefly breaching the $99,000 mark. Investor confidence seems to have taken a boost. The rally could be due to the Arizona Governor signing a Bitcoin reserve fund bill into law. The move is especially welcomed because Florida recently withdrew two crypto-related bills.

Can PEPE Hit $0.00001 Next?

According to CoinCodex, PEPE may continue its upward momentum over the coming weeks. The platform anticipates the memecoin to reclaim the $0.00001 mark on May 12. CoinCodex does not expect the memecoin to stop just there. The platform anticipates PEPE to rise to a new all-time high of $0.00002969 on June 5. The memecoin’s price will rally by 237.7% if it hits the $0.00002969 target.

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There is a possibility that the cryptocurrency market will continue its rally. The Federal Reserve may cut interest rates in its next meeting. A rate cut could lead to investors taking on more risks. PEPE and other risky assets could see a surge under such conditions.