PEPE Price Prediction – Santiment Data Hints At Mini Pump For Pepecoin
The post PEPE Price Prediction – Santiment Data Hints At Mini Pump For Pepecoin appeared first on Coinpedia Fintech News
A recent detailed analysis of Pepe coin by market intelligence platform Santiment studied the behavior of its holders to determine if and when another pump happens. According to the report, traders should closely check the average number of days in which Pepe coins have been sitting in an average wallet. Furthermore, Santiment noted that meme coins are controlled by speculation and crowd expectations.
“One of the most reliable signs that it’s time to take profit on an asset is when the mainstream trading crowd begins to get euphoric and discusses an asset that is on a major rise like PEPE was,” Santiment’s analyst noted.
Social Dominance
On social dominance, data provided by Santiment shows Pepe coins’ social dominance has significantly declined since the meme coin hit ATH. Currently, Santiment data noted that Pepe coins’ social dominance is taking up about 5 percent of discussions compared to the top 100 assets.
In this regard, Santiment concluded that traders should begin to watch for a drop in social dominance towards 1-2 percent, which is a sign of investors fleeing for promising trades.
Address Holdings
On address holdings, Santiment data shows that the number of unique addresses holding Pepe coins has significantly reduced since ATH. As a result, the largest addresses with 100M PEPE or more have also declined as profit-taking intensified in the past few days.
Nevertheless, Santiment expects the Pepe coin price to rebound as soon as the largest addresses begin to accumulate more coins.
Transaction Volume
In regards to transaction volume, the Santiment report noted that Pepe coin demand has begun to rise in the past 24 hours. Nonetheless, the total transaction volume is significantly down from its ATH, which shows a lot of traders have since moved away.
As a result, Santiment concluded Pepe coin could have another pump from the current dip but not as euphoric as the initial one.
Filed under: Bitcoin - @ May 12, 2023 9:22 am