Data from CoinMarketCap indicates that Pepe (PEPE), a meme coin featuring a frog theme, has managed to withstand the recent market downturn better than other meme coins, limiting its losses. Despite market challenges, PEPE had a 24-hour trading volume exceeding $618 million, surpassing meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Insights from PEPE Investors
Recent market corrections have led to significant declines in the meme coin's value, experiencing a 24% decrease in the past week. Nevertheless, most PEPE investors have continued to trade profitably, with around 70% of token holders seeing their tokens trading above their purchase price on average. Investors have also realized an average profit of approximately 4.5% on their initial investments.
The increasing profitability may attract more investors to PEPE, especially individual ones influenced by these metrics.
Future Prospects for PEPE
Despite previous positive performance, PEPE's trend appears to be on a downtrend, with the Relative Strength Index (RSI) indicating strong selling pressure in the 30-40 range. A movement above 40 could signal bullish momentum, as the 40-50 range is considered a strong support level during bull markets. The On-Balance Volume (OBV) also aligns with the price direction, suggesting a potential continuation of the downtrend.
Whales' Activity in PEPE
Despite price drops, whales have been accumulating PEPE at lower price levels, as indicated by Santiment data showing an increase in wallets holding between 1,000 and 1 million coins. Additionally, the cryptocurrency has received more positive comments than negative ones, indicating a positive Weighted Sentiment.
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