- PEPE bulls have not been operating at their full potential, but that could soon change.
- Spot and derivatives demand register uptick, which could lead to new highs.
As a seasoned analyst with over two decades of experience in the crypto markets, I have seen my fair share of memecoins that have soared to unprecedented heights and then plummeted just as quickly. However, PEPE [PEPE] seems different this time around, at least for now.
So far in November, PEPE (Pepe) has shown strong performance, but when compared to Dogecoin (DOGE), it’s not keeping pace. This discrepancy might hint at promising times for the memecoin themed around a frog.
PEPE ranks among the leading meme-based cryptocurrencies of 2024; however, its results during the latter part of the year have fallen short of expectations.
Initially, PEPE didn’t manage to reach new heights in 2024, unlike DOGE, which appears to be bucking all expectations. In contrast, DOGE saw a remarkable surge of 206% from its November lows to its peak, while PEPE only experienced a rally of 92%.
PEPE could benefit if…
As an analyst, I can confidently say that a significant number of leading cryptocurrencies across various categories are experiencing substantial growth. This trend applies equally to popular coins such as Dogecoin and the pioneer, Bitcoin [BTC].
In other words, it’s possible that a shift in liquidity could occur shortly, potentially leading to substantial increases in liquidity for coins like PEPE.
As an analyst, I find myself optimistically anticipating further gains for PEPE, potentially reaching new heights by the close of 2024. The Open Interest surged to a staggering $214.89 million in the recent 24-hour period, marking an all-time high in its history.
This spike indicates that the memecoin is now more alluring than ever before in the derivatives market. However, let’s consider the demand in the direct trading sector as well.
As an analyst, I recently uncovered some intriguing insights from IntoTheBlock’s transaction data regarding PEPE. In the past 24 hours alone, we’ve seen over 12,100 transactions taking place within this memecoin. It’s worth noting that this month has shown a notable uptick in transaction activity for PEPE. At the time of my analysis, these transactions were at a three-month high.
As a crypto investor, I noticed a strong link between the price and the transaction volume, which implied that the increase in transactions was primarily driven by buying activity instead of selling activity.
As a researcher, I’ve noticed an intriguing trend this month: the memecoin seems to be increasingly popular among investors. This development, if sustained, could potentially trigger a robust bullish momentum.
On-chain data also revealed that whale activity was on the rise since the start of November.
It’s clear that there has been a significant increase in large investor purchases, as the amount of PEPE held by these investors grew from just 1.81 trillion on November 2nd to 16.33 trillion at the current reporting time.
It seems that while large investors are amassing (buying) more of it, the same group may be hindering the further growth of PEPE.
Read Pepe’s [PEPE] Price Prediction 2024–2025
On November 1st, there were large holdings containing 1.6 trillion tokens. By November 12th, these same holdings had experienced significant outflow, now containing approximately 15.46 trillion tokens.
At the moment I’m writing, the net flow of investments from large holders is leaning towards the bulls (optimistic investors). But, this situation might shift quickly based on the current market mood.
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2024-11-14 09:43