- Hope for PEPE bulls as ranking on Binance indicates healthy visibility to potential investors.
PEPE addresses and profitability reveal growth in the right direction.
As an analyst with over a decade of experience in the crypto market, I’ve seen my fair share of memecoins come and go. However, Pepe [PEPE] has managed to catch my attention once again. Despite the saturation in the memecoin segment, PEPE continues to show signs of growth and relevance.
Is it possible for PEPE to continue delivering strong results, given that the market for meme coins is becoming increasingly crowded and many traders are now focusing on newer meme coins in search of higher returns?
In contrast to mainstream meme coins like PEPE being sidelined, current information indicates that this frog-themed meme coin remains significant. To put it simply, just a short while ago, PEPE placed seventh among the top fifteen most popular cryptocurrencies being searched on Binance.
The ranking shows that the meme coin continues to receive significant interest on a prominent cryptocurrency exchange. If the bulls regain strength, it might lead to substantial investment influxes.
The memecoin maintains a steady increase in the number of accounts holding it, which underscores its continued popularity. For instance, since the launch of PEPE, the total count of non-zero balance addresses has consistently risen.
In March 2024, the growth rate significantly increased. As of now, PEPE has more than 273,400 wallets with a non-zero balance. Meanwhile, there are approximately 391,220 wallets with zero balance. The total number of wallets was previously 664,000.
Speaking of profitability, the data shows that a higher number of PEPE holders are currently profitable compared to 12 months ago. At the current price point, approximately 156,200 wallets (representing around 66.24% of all non-empty wallets) are showing a profit.
As an analyst, I’ve found that approximately 21,360 addresses (or around 9.30%) associated with the PEPE token have a balance that is at the breakeven point. On the other hand, about 53,550 addresses (around 24.45% of the total) purchased PEPE tokens at a price higher than the current market value, indicating they are currently in the red.
Can PEPE keep up with the newer memecoins?
At the present moment, PEPE was traded at approximately 0.00000717. The second week of September showed signs of accumulation and a struggle to rise above the recent lows.
Nevertheless, these efforts did not yield significant results, indicating a low interest or demand. This situation mirrored the broader condition of the altcoin market as well.
Pepe’s trading activity remains close to a significant support point around the $0.0000065 range. This area has shown signs of heavy buying in the past, indicating a substantial liquidity pocket there. It implies that the price could potentially reverse at this level, increasing the likelihood of a price pivot.
Is your portfolio green? Check the Pepe Profit Calculator
Alternatively, this could create a beneficial exit point for investors during market downturns, known as a healthy liquidity zone. If the memecoin experiences a rally, it might increase by 31% when reaching the next resistance level, approximately $0.000095 in price.
In simpler terms, we’re expecting the next significant barrier for price increase to be around $0.000012, marking a potential 80% rise from our current positions.
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2024-09-17 13:11