- 79% of PEPE holders in profit, with 72% concentration among large holders
Metrics suggested a potential rally may be in the offing soon
As a seasoned financial analyst with extensive experience in cryptocurrency markets, I have closely observed PEPE‘s price movements and underlying market dynamics. Based on the latest data from Coinglass and IntoTheBlock, I am optimistic about PEPE’s potential for a rally in the near term.
PEPE seems poised for a possible surge in value following a week of stability on the price chart. At present, the meme token is gathering strength, and the rising trendline underneath could signal the beginning of an uptrend.
At a price of $0.001119, PEPE made a bold move by shattering the boundaries of a bullish flag pattern. This significant breach coincided with the intersection of a trendline and a crucial support level. Subsequently, there was a period of price stabilization as it adhered to this essential support.
Enough of the stated bullish momentum can help PEPE rally to high resistance zones.
What tale do the metrics tell?
According to AMBCrypto’s investigation using Coinglass data, approximately 79% of PEPE investors were making a profit when checking the current market prices.
Approximately 78.8% of the 218,720 identified addresses appeared to have profitable trades. This substantial number of holders with gains might motivate them to keep their investments, thereby possibly lessening the urge to sell.
Large holders maintain their strong grip
In addition, as previously mentioned, approximately 72% of the PEPE tokens were held by large investors, based on IntoTheBlock’s data. This substantial hoarding by whales implies a strong belief in the memecoin and may contribute to its price stability.
Based on my extensive experience as a data analyst and market observer, I’ve noticed some intriguing trends in PEPE‘s recent token flow data. Although there have been some outflows observed over the past 24 hours, the overall picture is quite positive. In fact, inflows have outpaced outflows during this period, which is a good sign for the memecoin’s community and investors. This dynamic suggests that confidence in PEPE remains strong despite any temporary hiccups. I’ve seen similar patterns play out in other markets, and I believe that a healthy inflow-outflow balance is an essential indicator of market vitality and investor sentiment.
The inflow of capital into PEPE on a greater scale than outflow is potentially driving the current market consolidation, and may continue to do so during any subsequent rallies.
What next for PEPE?
PEPE recently broke out from a bullish flag, affirmed by solid holder profitability and inflows.
As a researcher studying the memecoin PEPE, I have observed that a significant 72% concentration among large holders contributes to its stability. This concentration may act as a catalyst, leading to a potential rally in the near future. The various positive indicators suggest an upward trend for PEPE is imminent.
If the support remains strong and there is a growing trend, it may challenge higher resistance levels in the near future.
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2024-07-26 09:11