Pepe (PEPE) experiences a 35% price surge in seven days. Increased wallet activity and whale interest accompany the price rise.
- Frog-themed meme coin Pepe (PEPE) surges by over 35% in the last seven days.
- Unique wallet addresses involved in PEPE transactions increase significantly.
- Large whale transactions witness a noticeable uptick.
- Despite recent gains, a majority of PEPE holders are still in the red.
PEPE Croaks Loudly
Frog-themed meme coin Pepe (PEPE) has hopped into the spotlight with an impressive 35% surge in just seven days. According to data from CoinMarketCap, the coin showed gains of more than 2% in the last 24 hours, trading at $0.000001176 at press time.
PEPE in celebration mode, jumps 35% in 7 dayshttps://t.co/xPcdEu18AV
— John Morgan (@johnmorganFL) October 31, 2023
The enthusiastic market sentiment played a significant role in PEPE’s recent performance. The surge in demand was mirrored in network activity, with on-chain analytics firm IntoTheBlock reporting a remarkable 372% increase in active addresses from October 19 to October 25. Furthermore, the number of new PEPE addresses surged by over fivefold during the same period.
These on-chain indicators clearly indicate that traders flocked to capitalize on the rising prices, signaling a turnaround for PEPE, which experienced a downtrend throughout Q3.
Whales Show Interest
The rally also captured the attention of whale investors, as large transactions involving substantial amounts of PEPE tokens witnessed a noticeable uptick. However, it’s important to note that there are no conclusive signs of accumulation by these big players.
Despite the impressive gains, a majority of PEPE holders remain in the red. At the time of writing, approximately 35% of PEPE holders are in profit, while 49% are at a loss, and 16% are breaking even.
PEPE’s recent resurgence is a testament to the volatile nature of meme coins in the crypto market. While its substantial price jump has certainly generated buzz and attracted more users, caution is advised as meme coins are known for their unpredictable performance. The fact that a significant portion of PEPE holders is still in the loss zone emphasizes the importance of careful investment decisions in this space.
The increased activity in PEPE’s network and the attention it garnered from whale investors are positive signs. However, it remains to be seen whether this momentum can be sustained over the long term. Additionally, the decline in social activity and sentiment in the past week suggests that some of the initial excitement may have waned.
As always, investors should conduct thorough research and consider their risk tolerance before diving into meme coins like PEPE, keeping in mind that their value can fluctuate rapidly.