According to the latest insights from IntoTheBlock, PEPE has stolen the spotlight in the past week, skyrocketing by a staggering 60%. The crypto community was taken aback by this unexpected surge, but delving into the data reveals a more complex story.
Despite the impressive gains, it seems that most PEPE holders are still nursing their losses. Most investors are currently in a precarious position, hoping for a turnaround. While the price action has been nothing short of spectacular, it remains to be seen whether this rally is sustainable in the long run.
The on-chain metrics for PEPE offer some interesting insights into its recent performance. From October 19 to October 25, the network witnessed a remarkable surge in activity. Active addresses shot up by a staggering 372%, and new addresses experienced an even more astonishing increase of 440%. These statistics reflect a growing interest in the coin as more participants enter the market.
One interesting aspect is the potential presence of whales in the PEPE ecosystem. Although there are no concrete signs of large-scale accumulation at this point, there has been a noticeable uptick in significant transactions, indicating that whales might be lurking in the background, ready to make their moves.
PEPE Price Analysis
However, examining the price trajectory over the last three months, it’s clear that PEPE has stood out among meme cryptocurrencies like DOGE and SHIB. While its counterparts exhibited lateral movement, PEPE made significant strides in the latter part of October, breaching previous resistance levels.
According to the latest data from CoinMarketcap, Pepe is trading at $0.000001183 with a 24-hour trading volume of $153 million, up by 38%. The coin is up 1.09% in the last 24 hours, and in the weekly chart, it is up by 25%. The current CoinMarketCap ranking is #77, with a market cap of $481 million.
Analysts suggest that a minor pullback could be a healthy development, allowing the asset to establish a more stable foundation for future growth. According to the Fibonacci retracement tool, key support levels lie at $0.00000105 and $0.0000098, providing potential launching pads for the next leg of the bullish journey.
If PEPE can find stability at these levels, it may have the potential to reach $0.00000145. Nevertheless, the cryptocurrency market is known for its volatility. PEPE’s recent rollercoaster ride is a testament to this, leaving investors and enthusiasts on the edge of their seats, eagerly anticipating the next twist in this intriguing tale.