Investors Profit from Recent Surge in Memecoin
Release: 2024/05/28 10:04 Reading: 551
,You can also read this news on COINTURK NEWS: Investors Profit from Recent Surge in Memecoin
On-chain data reveals that over 96% of investors profited from a memecoin's significant rise last week. This situation has once again led to questioning the presence of meme coins in the market.
Pepe Coin Chart
A cryptocurrency follower named Vicakdo shared a post on X recently, indicating that most PEPE investors currently hold a significant amount of unrealized profit.
The highlight of this post is IntoTheBlock's “Global In/Out of the Money” indicator (below). This indicator shows cryptocurrency investors the historical price range at which the mentioned cryptocurrency was purchased by various addresses.
Looking at the chart below, there are three different categories showing whether PEPE investors are in profit, neutral, or loss.
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Interpreting the size of the dots on the chart, it emphasizes the relationship between the number of addresses in the relevant price range where average purchases were made. It is seen that all the large dots on the chart are currently behind the spot price of PEPE, which can be interpreted as most investors being in profit.
To explain in more detail, 96.36% of all PEPE investors are currently in profit. Interestingly, only 10 addresses are still at a net loss, which is almost negligible compared to the 236,320 addresses in the green zone.
The remaining percentage of the cryptocurrency's holder base also seems to be getting closer to being profitable. Accordingly, the price may test the common average cost basis soon.
In such cases, testing the cost basis can lead to a turnaround in profit and loss situations, which is important for any investor. Consequently, investors may react and consider selling when a possible test occurs.
Investors at a loss may potentially look for an exit opportunity at their breakeven points.
On the other hand, profit-seeking investors may consider the price's return to the neutral level as a buying opportunity. This level might also be seen as a support level by this group.
How Much is PEPE Worth?
As of the time of writing, investors continued to track PEPE's price. PEPE was trading at $0.00001695 after a 3% increase in the last 24 hours.
Looking at the last 7 days, PEPE experienced a 51% rise. PEPE's performance over the last 30 days provided investors with a 134% gain, creating significant satisfaction.
The post first appeared on COINTURK NEWS: Investors Profit from Recent Surge in Memecoin
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