It has been a month since Pepe Coin’s biggest rally, where it created the all-time high target of $0.00001718 after multiple continuous peaks in May. However, the PEPE price has declined over 44% since then and is currently at $0.000009662. The decline is continuing for this meme coin as its value has dropped more than 8% in the last 24 hours alone.

It is not that PEPE has not attempted any recovery in between, but they never lasted, bringing the value to the month’s low. However, it is not very concerning as it is nothing new to this frog meme coin. Since its launch in April 2023, it has offered high peaks but, at the same time, crashed soon after that, undergoing consolidation periods.

After its march rally, investors have expected continuous gains, but as the crypto market crashes, the impact is also on the Pepe Coin.

PEPE Wallet Addresses Surge Despits Bearish Sentiments

On July 2, Santiment, the on-chain analytics platform, shared an X post revealing the increasing count of the PEPE wallet address as well as of two other cryptocurrencies. As per the post, PEPE, FET, and ENS have a heavy network growth, which is a sign of the Fear of missing out (FOMO), a bullish signal that can lead to a price surge. PEPE’s rich list has also highlighted the growth of the token holders. At the beginning of June, there were 236,486 holders, which has grown to 246,639 by the month’s end.

This network growth can be because of multiple reasons, such as the low PEPE price. It is the opportunity for the new investors to back up for the upcoming rallies or the previous investors returning after May’s selling.

The Santiment report revealed the growth indicator axis for PEPE is at 4,196, 1,598 for FET, and 231 ENS. Moments after this reveal, the ENS price had a slight surge before falling today under the impact of market conditions. However, the FET price struggled due to its ongoing ASI alliance formation. If ENS has a surge, the same could be said for the PEPE, as the adoption is high, which pushes the price up.

What Is Coming Next For PEPE?

Despite many previous predictions of a recovery, PEPE continued the downtrend today as the technical indicators indicated a selling zone. The MACD (12,26), momentum, and moving averages hint at the dominance of the seller. However, there is a possibility of recovery as the Exponential and simple moving average (200) finds support at $0.00000915. Additionally, the Relative Strength Index is neutral along with Bull Bear Power, indicating the presence of the bulls as well. If the next candles could touch the pivot at 0.00001246, an uptrend might begin for this meme coin.

Continue Reading What the Recent Bitcoin Price Sell-Off Means for Your Portfolio

The post PEPE Meme Coin Wallet Counts Surges; What It Means For Its Price appeared first on CoinGape.

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Filed under: News - @ July 4, 2024 12:21 pm