One of the main winners of the most recent market upswing is PEPE, as the meme coin ecosystem joined the overall surge. The coin is now trading at $0.000001176, up 25% over the previous day, having recovered its lost value.
Although many could contend that PEPE’s price is artificially inflated due to the decline in its trading volume growth rate, it is important to remember that CoinMarketCap has tracked this indicator from the coin’s initial massive surge.
The best indicator to keep an eye on right now, despite PEPE’s outstanding prognosis, is not the actual price rise, but rather the amount of time that the majority of meme coin investors have held onto their holdings. The bulk of PEPE investors, or over 93%, have been hanging on for up to a year, according to data from IntoTheBlock (ITB).
This information suggests that traders, whose impact on the market can be significant but fleeting, are responsible for the price swings we are witnessing on PEPE. Given PEPE’s history of extreme volatility and the combination of its on-chain data, it appears that a lot of people are now optimistic about the asset.
What future holds for PEPE
From hacking to enormous whale dumping, PEPE’s path in the digital currency ecosystem has been, at best, tumultuous. Over time, the token’s prospective growth trend has been endangered. PEPE saw a sharp decline in value prior to this recent resurgence, making it one of the meme currencies with the worst losses.
Right now, PEPE is back on track after growing by more than 91% in the previous week. With its recent spike, PEPE appears poised to expand on the enormous rally it saw at the beginning of the year. Given the present perspective, retesting its all-time high (ATH) of $0.000001181 is not completely out of the question.
