PEPE Ready To Make A Comeback? On-chain Indicators Have The Answer
Release: 2024/02/07 06:04 Reading: 416
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=573612
The PEPE meme coin has seemingly faded into the shadow as new and exciting meme coins make it to the fore. This can be attributed to the likes of BONK and other Solana ecosystem meme coins that have taken the attention away from the Ethereum ecosystem. However, as excitement around these new meme coins begins to wane, expectations fall back to the leaders of the market, one of which is PEPE, who could be getting ready to make a comeback.
What On-Chain Indicators Say About PEPE
On-chain indicators are one way to know if investor interest is turning toward a particular cryptocurrency, in this case, PEPE. These indicators include things like Weighted Sentiment, Transactions Volumes, New Holders, etc. In this case, the focus is on the Weighted Sentiment, which measures sentiment across social media platforms to figure out how crypto investors are viewing a coin.
This indicator can be useful, especially in times like these when there are no clear indicators of where the price of a coin could be headed next. So, by checking what investors are saying about PEPE on social media platforms such as X (formerly Twitter), one can get a good idea of where the price may be headed next.
According to the Weighted Sentiment by the on-chain analytics tracker Santiment, PEPE is looking quite bullish. The indicator takes into account the mentions of PEPE on social media platforms over the past week, and it shows that there has been a significant uptick in the positive sentiment that is associated with the meme coin.
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Source: Santiment
While it is not the highest that the indicator has been since the year began, it is still sitting at a considerably high level, suggesting a turn in the average sentiment. This also coincides with a drastic rise in the holdings of the largest PEPE whales, showing a willingness to accumulate at the current levels.
Daily Trading Volume Sees A Significant Jump
The Weighted Sentiment is not the only PEPE metric that has seen a significant increase lately. In the same vein, the daily trading volume for the meme coin has been on the rise as well. As data from CoinMarketCap shows, the meme coin’s volume is up approximately 62% in the last day, bringing it to $89.8 million at the time of writing.
Such a rise in volume can either point to buying or selling, but seeing that the PEPE price has managed to hold steady over this time period, it suggests that there is more buying than selling. Given this, it could point to bulls finally establishing support and marking $0.0000009 as a buy level. If this general bullish sentiment continues, then the meme coin could be looking toward a recovery to $0.000001, which would translate to a 10% move from here.
Due to its decline over the last month, PEPE has lost its position as the third-largest meme coin in the space. It is currently sitting at fifth position behind the likes of BONK and CorgiAI.
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Token price falls to $0.000000896 | Source: PEPEUSDT on Tradingview.com
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