Pepe crosses into 100% profit territory – What now?
Release: 2024/03/03 05:34 Reading: 760
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=373548
- Pepe saw its second-highest price rise in history.
- The total supply in profit has also hit a historic point.
Pepe [PEPE] has displayed a series of strong performances recently, experiencing significant leaps in its price. The latest surge has resulted in a notable increase in the number of tokens in a profitable position.
Pepe continues its historic rise
Pepe has demonstrated remarkable volatility, experiencing a daily surge of over 40% for the second time within a seven-day period.
An analysis of the daily timeframe chart showed that on 1st March, it concluded its trading session with an impressive 45.62% increase.
This surge added to its recent series of strong uptrends, following a 32% increase on 26th February and a record-breaking 47.51% spike on 27th February. The Spike on 27th February marked its highest single daily increase to date.
src="/uploads/20240303/170941847165e3a7e706ac8.png" data-lazy-src="/uploads/20240303/170941847165e3a7e706ac8.png">
Source: Trading View
A comprehensive analysis using the price range tool also showcased an overall surge of approximately 250% in the last seven days. Pepe was trading at the time of the writing with an additional increase of over 1%.
Furthermore, an examination of its Relative Strength Index (RSI) indicated a historic position. At the time of this writing, the RSI was approaching 86. This positioning of the RSI showed that Pepe was not only in a strong bull trend but also highly overbought.
Notably, this marked the first instance in its history of trending in such a position.
PEPE volume drops below $2 billion
Pepe’s volume, as analyzed on Santiment, witnessed a remarkable surge, surpassing $2 billion on 28th and 29th February.
Before this surge, the highest recorded volume had been below $400 million. At the time of this writing, the volume was around $1.9 billion, with the potential to reach the $2 billion threshold once again.
The volume surge indicates increased transactions accompanying the asset’s price rise.
src="/uploads/20240303/170941847165e3a7e706ac8.png" data-lazy-src="/uploads/20240303/170941847165e3a7e706ac8.png">
Source: Santiment
Furthermore, the consistently positive price trend suggests buyers’ dominance in recent days’ transactions, contributing to the notable increase in volume.
100% profit for PEPE
Pepe’s recent series of impressive price hikes has translated into a profitable situation for its holders. Analysis of the total supply in profit on Santiment showed that over 420 trillion units were in a profitable position.
src="/uploads/20240303/170941847165e3a7e706ac8.png" data-lazy-src="/uploads/20240303/170941847165e3a7e706ac8.png">
Source: Santiment
Is your portfolio green? Check out the Pepe Profit Calculator
Notably, the analysis of the percentage in circulation indicated that, at the time of this writing, it stood at 100%. This marked the first instance in its brief history where the total supply was in profit.
This unique scenario, where 100% of the total supply is in profit, could motivate traders to buy more. Such a trend might lead to further price increases in the upcoming days.
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