Pepe Coin price entered its previous range after the recent drop from $0.00000988 local high. For the last three days, there has been a great struggle between bulls and bears for supremacy. PEPE price is currently stuck, ranging between $0.00000900 and $0.00000700, but not for long, as on-chain metrics signal investors may be preparing for a potential move soon.
Pepe Coin Price Situation
Data from Santiment shows PEPE deposit transactions hit a one-year low while the price is consolidating, indicating that fewer investors may be moving funds into PEPE, which can be a sign of reduced confidence or interest. Additionally, the consolidation in price, combined with low deposit activity, might reflect uncertainty in the market. Investors could be waiting for clearer signals before making any moves. The reduced deposit transactions during price consolidation could indicate long-term holders’ accumulation of PEPE the asset quietly, waiting for a Pepe coin price potential breakout, as data from IntoTheBlock shows. Between August 28 and 29, large holders’ netflow increased sharply from 1.16T PEPE ($8 million) in outflows to 1.83T PEPE ($14 million) in inflows. This indicates that large holders might be accumulating at these lower prices, anticipating a future Pepe Coin price increase.
NVT and Realized Profit/Loss
On the flip side, the Pepe Coin Network Value to Transactions (NVT) ratio hit an all-time high amid price consolidation, provoking concerns about the potential overvaluation of the meme coin. A high NVT ratio usually indicates that the market cap is significantly higher than the transaction volume. This assessment is further supported by the Network Realized Profit/Loss metric which surged back to near monthly highs on August 30. The spike suggests that many investors are locking in their gains as the price has been relatively stable. The high realized profit/loss during price consolidation may signal mixed market sentiment as not all investors could be cashing out. As the ITB data reveals, some may still be holding or even accumulating.
Future of Pepe Coin
Pepe Coin price is highly influenced by the Ethereum price and general market movements. Currently, a lot of crypto assets, including the famous Shiba Inu (SHIB) and Chainlink (LINK), are showing signs of overvaluation. Pepe Coin is mimicking the same results. The stand-off between sellers and buyers may end with lower prices as an analysis of the daily candlesticks formed in the last three days shows doji candle formation but with longer top wicks. This suggests that in the struggle for supremacy, bears have emerged stronger consecutively at the close of business day for the last three days.
Investors continue to observe the Pepe Coin price situation. On one hand, large holders are accumulating tokens, while on the other, the high NVT ratio and realized profit/loss indicate possible overvaluation. It will become clear soon which direction PEPE's price will take.
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