- Amid the month-long market decline, 15,350 short-term holder addresses sold their holdings, while PEPE long-term investor addresses climbed by 4,320.
- PEPE Price Analysis: Despite the current market decline this week, Pepe—Ethereum’s second-largest meme coin—managed to withstand it. The price of PEPE saw a sharp 35.8% increase from the weekly lows on June 24 and recovered to a 12-day top of $0.000014 on June 26.
- An on-chain investigation reveals that PEPE’s quick rebound throughout the turbulence in the cryptocurrency market was mostly due to tenacious long-term investors’ desire for more rewards.
PEPE Price Rises 35% Despite Volatility in the Market
- The global cryptocurrency market capitalization shrank by more than $126 billion between June 22 and June 25. Still, on June 27, it recovered to approach the $2.4 trillion level after a dismal start to a third consecutive week. With a 19% drop from its monthly top, Bitcoin (BTC) led the mega-cap losers and crossed below $60,000 for the first time in more than 50 days.
- PEPE, the second-biggest meme coin project housed on the Ethereum network, has oddly disconnected itself from the bearish tendencies seen in the wider cryptocurrency markets and is now on a double-digit upward trajectory.
- The price of PEPE has increased 36%, as shown in the above chart, from a 7-day low of $0.000010 on June 24 to a daily time-frame top of $0.000014 on Wednesday, June 26. The frog-themed meme currency has seen double-digit growth, making it the best performer among the top 25 ranking crypto assets this week.
- Notably, TradingView’s TOTAL CRYPTO CAP measure, which monitors changes in the total market capitalization of all listed cryptocurrencies in real-time, confirms this position by demonstrating how PEPE’s price action has exceeded the general trend in the market.
- The value of the whole cryptocurrency market has climbed by less than 7%, despite a roughly 36% spike in PEPE prices.
PEPE Long-Term Investors’ Tenacity Fueling the Uprising
- Looking behind the price charts, strong fundamental positive drivers rather than just speculative activity are driving PEPE’s remarkable growth performance over the last two days.
- The PEPE long-term investors have, for the most part, shown an uncommon level of fortitude in the face of the massive sell-offs and over $300 million in liquidations that shook the cryptocurrency markets earlier this week.
- The entire number of funded addresses on a cryptocurrency network are grouped by the length of time they have been held, as shown by the IntoTheBlock’s Addresses by Time Held chart.
- A consistent rise in the number of long-term holder addresses often indicates that the project’s core investors, who have kept their tokens for a year or more, have amassed a substantial amount of wealth and resilience.
- According to the preceding figure, around May 5, the number of long-term PEPE investors exceeded that of short-term traders’ wallets. 22 days later, on May 27, this created a significant bullish trigger as prices shot to new all-time highs.
- As of May 31, 58,240 long-term investor addresses held PEPE, according to more current statistics.
- Strangely yet, during the month-long market decline, 15,350 short-term holder addresses sold their holdings, while the number of PEPE long-term investor addresses has climbed by 4,320 since June 1.
- Most PEPE long-term investors have chosen to remain steady instead of participating in the selling frenzy that has engulfed cryptocurrency markets in June, even though they have historic gains after the new global price high established in May.
- First off, the resilience of PEPE long-term investors shows a strong belief in the future of the asset, which produced a comparatively more solid price floor than other assets under tumultuous market circumstances.
- Second, selling pressure on PEPE may have decreased due to the departure of short-term investors, who are usually more sensitive to changes in market mood. This helped pave the way for the quicker 35.8% price recovery that was seen between June 24 and June 26.
PEPE Price Prediction: A Breakout Above $0.000015 Is Possible
- Based on the analysis of the aforementioned on-chain dynamics, PEPE’s 35.8% price increase seems to be the result of long-term investors’ month-long display of resiliency. Technical indications, however, point to the possibility of more increases toward $0.000015 in the coming days.
- The price of PEPE now encounters somewhat smaller resistance clusters until it hits the $0.000015 threshold, according to IntoTheBlock’s GIOM data, which can be seen below.
- 23,300 current holder addresses have bought 7.16 trillion PEPE tokens at an average price of $0.000015, as shown above. PEPE could find it difficult to go much higher if those investors decide to record some gains.
- However, PEPE may reach its all-time high of $0.000017 set last month if long-term investors’ optimistic view holds. On the other hand, PEPE bulls may rely on the impending support cluster around the $0.000010 level, which stopped the downturn earlier this week, if the markets suffer another beating.
