This PEPE Holder Cohort Is The Reason Price Is Struggling To Reclaim $0.00002
Release: 2024/08/01 03:30 Reading: 852
PEPE's Price Challenges Amidst Market Uncertainty
PEPE bulls have faced obstacles in their efforts to elevate the meme cryptocurrency's price over the past week. The asset has witnessed a decline of approximately 4% in the last 24 hours, with a more significant drop of 6.5% over the course of the last seven days.
Increased Selling Sentiment and Composition Shift
The selling sentiment surrounding PEPE has intensified since mid-July. The meme coin has repeatedly failed to breach resistance at $0.0000126.
Market analysis reveals that this negative sentiment is primarily driven by a shift in investor composition. The number of short-term holders has surged, accompanied by a corresponding reduction in long-term holders.
Rise of Short-Term Holders
Data from IntoTheBlock indicates a significant increase in PEPE's short-term holders over the past 30 days. This observation is supported by the metric "Balance by Time Held," which tracks the balance in wallet addresses over time and classifies them as holders, cruisers, or traders based on their average holding period.
Notably, the balance in trader wallets has increased by over 31% in the past 30 days. Traders typically hold assets for less than a month before selling, suggesting a shift towards more speculative trading.
Decline of Cruisers
In contrast, the balance in cruiser addresses has decreased by 6.24% in the same timeframe. Cruisers are addresses that hold tokens for between one to twelve months before selling. This decline indicates that many long-term holders have been selling their PEPE tokens in the past 30 days.
Impact on PEPE's Price
The influx of short-term holders has created a more volatile trading environment for PEPE. They currently comprise 20% of the total circulating supply. As these investors tend to trade based on short-term market movements, they are likely to induce frequent price fluctuations, making it challenging for PEPE to maintain a steady upward trajectory.
At the time of writing, PEPE is trading at $0.00001135. While the crypto remains above its two-month low of $0.000007975, the upward trend has been hindered by short-term holder activity. PEPE now faces a critical support level of $0.00001133. A breakout above this point could pave the way for a recovery and renewed momentum towards the $0.00002 threshold.
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