- Rising active addresses propelled the significant price increase.
- Circulation fell, and many old coins remained stagnant, indicating another upside.
As a researcher with experience in analyzing cryptocurrency market trends, I find the recent price surge of Pepe (PEPE) intriguing. The 15.75% increase in just 24 hours, followed by a slight decline, is a clear indication of the memecoin’s volatility but also its potential for further growth.
In the past 24 hours, the cost of PEPE cryptocurrency rose by approximately 15.75 percent, then decreased slightly by around 2 percent based on information from CoinMarketCap.
As a crypto investor, I’ve noticed an intriguing surge in the price of PEPE among various memecoins lately. However, what sets PEPE apart, according to AMBCrypto’s analysis, are its unique underlying reasons.
Price is tied up with activity
As a crypto investor closely monitoring the market, I’ve noticed some intriguing on-chain data from Santiment regarding PEPE. Specifically, the number of active addresses interacting with this cryptocurrency within the past 24 hours has risen significantly. From 2669 on May 1st to a current count of 4470 at the present moment.
The number of unique users engaging in transactions on the network is indicated by active addresses. However, it’s important to note that in the larger cryptocurrency market, this figure doesn’t necessarily align with price trends.
An examination of PEPE‘s circumstances revealed a significant connection between its price and network activity.
As a researcher studying the trends of PEPE, I would observe that if the metric persists in its upward trajectory, it’s reasonable to anticipate that the price of this memecoin could follow suit. Conversely, should there be a decrease in active addresses, it may impede PEPE’s progress and potentially cause a slowdown or even reversal in its price movement.
As a crypto investor, I’ve noticed an uptick in the price of Social Dominance. This metric, which represents the discourse ratio of a particular project against other top 100 projects, has risen as a result.
The market’s focus on the memecoin, as indicated by its increase, was greater than what other coins received. Yet, excessive social prominence, as depicted in the chart, may not be favorable for price growth.
A rise to $0.00001 may be next
As a crypto investor, I’ve noticed an interesting pattern with Social Dominance (SocialD) and the PEPE token. Specifically, when SocialD surged past the 2.21% mark on the 4th of March, PEPE began to reverse from its upward trend. Similarly, on the 1st of April, as SocialD suggested that PEPE was overbought, I saw a reversal in its price action.
Additionally, Social Dominance remained strong. Consequently, the token’s price could reach $0.00001 without any sign of reversal yet.
From my perspective as an analyst, I observed that Social Volume related to PEPE was below its past highs, implying a reduced intensity in the public’s pursuit for this cryptocurrency.
Based on historical trends, there could be a chance for purchasing before the price hits its peak.
During this period, the daily circulation of PEPE dropped significantly from 11.5 trillion to just 3.97 trillion. This decrease could potentially support the coin’s continuing upward trend in terms of price.
With reduced circulation, there is less competition among sellers, but this advantageous situation would only hold true if the buying force becomes more robust.
As a data analyst, I assessed another key performance indicator: the dormant circulation. At the current moment, this figure stood at approximately 59.54 billion, representing a decrease compared to the previous 90-day period.
Realistic or not, here’s PEPE’s market cap in DOGE terms
If this decrease occurs again in the future, those who originally held the token may be less likely to transfer their assets. Consequently, many of them might be reluctant to sell. This situation could potentially lead to another PEPE price surge.
This time, the token could drive toward a new high.
Read More
- Top gainers and losers
- DOP PREDICTION. DOP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- KAI PREDICTION. KAI cryptocurrency
- MOCHI PREDICTION. MOCHI cryptocurrency
- SILLY PREDICTION. SILLY cryptocurrency
- STOG PREDICTION. STOG cryptocurrency
- WRLD PREDICTION. WRLD cryptocurrency
- WOJAK PREDICTION. WOJAK cryptocurrency
2024-05-05 10:15