As a seasoned analyst with a decade of experience navigating the ever-evolving crypto markets, I find myself intrigued by the current altcoin rally that seems to have taken over the space since Donald Trump’s victory in the US presidential elections. The meteoric rise of DOGE and its association with Elon Musk undeniably played a significant role in this phenomenon.
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
In simpler terms, it appears that we’re experiencing a surge in alternative cryptocurrencies (altseason). This trend kicked off following Donald Trump’s win in the U.S. presidential elections. At that time, Dogecoin (DOGE), along with Bitcoin (BTC), reached unprecedented highs over several years. This spike might be due to Dogecoin’s association with Elon Musk.
Ever since, bitcoin’s growth has slowed down, entering a consolidation phase, while DOGE seems to have settled. Yet, an array of other digital currencies have been making regular appearances. Among them, XRP has been particularly active, witnessing a significant surge of over 420% within a month, reaching a 7-year high, and reclaiming its position as the third-largest cryptocurrency by market capitalization from my portfolio.
In the last day, Tron and Binance Coin have emerged as two additional shining figures. Notably, they’ve surpassed their all-time highs (ATHs), with Tron leading the way. The value of TRX has spiked over 70% and exceeded $0.43, establishing a new maximum level.
Among other significant competitors, I find myself keeping a close eye on XLM, HBAR, DOT, and AVAX. The buzz within the crypto community is growing as they ponder which altcoin could make its move next.
Is PEPE Next?
As a researcher, I found an intriguing trend in the third-largest meme coin’s performance. Following Donald Trump’s election victory, its value significantly increased, reaching a record high of $0.00002457 on November 14 (as per CoinGecko data). This surge could be attributed to its numerous listings on major exchanges and the escalating excitement within the community.
Just like DOGE, it dipped after that period and is currently priced below $0.000021 – approximately 15% shy of its peak from last month. It has mainly taken a backseat recently as attention has shifted towards other mentioned assets.
It appears that some significant investors, referred to as “whales,” are once again focusing on it, potentially signaling another surge. According to Lookonchain, a single whale has amassed and withdrawn around $7 million in PEPE over the past 20 days. Such substantial purchases and withdrawals typically occur before price hikes due to the shrinking supply available for immediate sale.
Whales continue to accumulate $PEPE!
A whale has withdrawn 337.09B $PEPE($6.92M) from #Binance in the past 20 days.
— Lookonchain (@lookonchain) December 4, 2024
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2024-12-04 11:26