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PEPE Coin Surges 60% Despite Most Holders In Loss: On-Chain Analysis

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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.

Source: CoinMarketcap

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.

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PEPE Coin Introduced to Binance’s Flexible Loan Service: Empowering Traders Worldwide!

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The enthusiasm surrounding the meme cryptocurrency PEPE surpassed initial expectations. Individuals who had missed out on the Shiba Inu [SHIB] craze decided to join the PEPE trend. Several exchanges also expressed their backing for the token. However, the excitement quickly faded as PEPE faced unfavorable market volatility. Consequently, the consequences of this situation began to unfold, impacting the overall sentiment and performance of PEPE.

In a recent update, Binance, the world’s largest cryptocurrency exchange, made the decision to distance itself from the meme coin. In a blog post published today, the exchange announced that its Flexible Loan service would no longer support PEPE. Consequently, the asset has been removed from the list of available options for borrowing.

On June 21, 2023, all existing loan positions related to PEPE will be terminated. The announcement also included the following statement:

“Users are strongly recommended to repay their outstanding loans associated with PEPE prior to 2023-06-21 08:00 (UTC) to prevent any potential liquidation. In cases where applicable, a 2% liquidation fee will be imposed.”

Currently, Binance’s Flexible Loan service exclusively supports loan repayments in the cryptocurrency that was initially borrowed by the user.

The Fate of Pepe Coin

As mentioned earlier, the PEPE coin initially led to the emergence of a substantial number of individuals who became millionaires. However, the present circumstances have taken a different trajectory, with the PEPE coin no longer generating profits. Instead, the narrative has changed, as numerous holders are now selling their holdings at a financial loss.

Additionally, data provided by IntoTheBlock indicated a decline of 9.63% in the volume of large transactions associated with the asset, which currently stands at $11.26 million. Furthermore, the number of active addresses within the PEPE coin network was relatively low, with only 2.15K wallets observed at the time of reporting.

Despite its recent struggles, the asset did manage to experience a 12% surge, with a trading price of $0.0000009433. However, when compared to its all-time high of $0.000004354, PEPE’s value remained down by 78%. As a result, 72% of its holders were facing losses due to this substantial decline in value.

Meme Coin Frenzy: Floki & Pepe Coin Land On Brazil’s Mercado Bitcoin, Baby Doge Next In Line?

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Floki, a cryptocurrency inspired by Elon Musk’s dog of the same name, has just been listed on Brazil’s largest and most respected crypto exchange, Mercado Bitcoin.

In a tweet, the Floki team expressed their excitement about the adoption of their cryptocurrency, as well as the exchange’s decision to list it. 

Mercado Bitcoin’s announcement also revealed the availability of Pepe Coin, another meme-inspired cryptocurrency, for trading on the platform.

Pepe Coin, born from the meme of a famous internet cartoon, has been one of the main drivers of the current “Memecoin Season” and has seen a significant appreciation in value over the last two months. 

The listing of both Pepe Coin and Floki on Mercado Bitcoin provides Brazilian traders with an opportunity to invest in these popular cryptocurrencies.

Mercado Bitcoin’s announcement reminds traders that the high season for Memecoins is currently underway but cautions that this is not an investment indication. Traders interested in trading Pepe Coin or Floki can visit the respective links provided by Mercado Bitcoin.

Finally, the announcement also teases the possibility of Baby Doge being listed on the platform in the future. Traders are encouraged to follow the exchange’s social media channels to stay up to date with the latest news.

However, with the listing of Floki and Pepe Coin, Mercado Bitcoin continues to cement its position as the leading cryptocurrency exchange in Brazil.

Floki Inu & PEPE Coin Price Analysis

Following the listing annoucmnt, the coin is currently showing positive signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $0.000001795, up by about 43.10% in the last 24 hours. 

Source: Coinmarketcap

However, the weekly chart recorded a significant decrease of about 40.21%. While its trading volume has witnessed an increase of 18.54%, reaching $935,010,886 in the last 24 hours.

Yesterday it was reported that its market value has dropped to about $500 million ($494,700,680) due to a 22.43% decline caused by a massive influx of meme coin enthusiasts depositing a net worth of $22.94 million from 1,176 addresses into various exchanges.

However, the current data indicates that PEPE is here to stay, as evidenced by a significant increase of approximately 44.34% in the coin’s market capitalization, which has now reached $703,892,923 once again.

Meanwhile, Over the last 24 hours, FLOKI has experienced a 7% increase in value, but it has seen a decline of around 15% in its weekly chart. Despite this, its market capitalization has increased by 6.92%. 

Source: Coinmarketcap

However, the trading volume in the past 24 hours has decreased by approximately 50%. The current trading price of FLOKI stands at $0.00003622. Based on this data, there is a possibility of a significant increase in the near future.

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PEPE coin’s Rollercoaster Ride:+1,200% & -67% In Two Weeks, What’s Next?

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The rise of Pepecoin in the crypto market has been the talk of the town for the past two weeks. The meme coin has witnessed a staggering price increase of approximately +1,200%, followed by a drop of -67% since May 5th. 

Whale behavior and on-chain activity play a crucial role in anticipating the next pump for this volatile asset. According to a recent tweet by Santiment, the timing for the next top or bottom for Pepecoin may depend on the crowd’s interest in the asset. 

Santiment’s Insights On PEPE

Santiment’s metrics suggest that traders should look for a dip in the number of unique addresses and social dominance to anticipate the next pump.

Moreover, the largest addresses with 100M PEPE or more began reversing course right on the May 5th top, indicating that there is a larger probability of Pepecoin going for its 2nd round of pumping.

The 30-day MVRV metric shows that traders are back to break-even in the past 24 hours, and if it gets into negative territory, it could be an opportunity zone for traders.

The mean dollar invested age is another crucial indicator to look for in Pepecoin. The average number of days Pepecoin has been sitting in the average wallet is about five days, indicating that stagnant addresses are getting ready to make pump moves once again.

However, in the world of meme coins, they are controlled by speculation and crowd expectations. The rise and fall of such assets can be highly unpredictable. As Santiment suggests, traders should watch out for the crowd’s interest in Pepecoin to anticipate the next pump.

When everyone is proclaiming that it’s time to buy the dip, it’s not yet time. But if the jokes and FUD perpetuating start to make fun of all the traders who are “still stubbornly diamond-handing PEPE”, the jokes may soon be on them for missing out on the asset that everyone is writing off.

Nevertheless, the coin’s rise and fall have been nothing short of spectacular. While the next pump is unpredictable, traders can use Santiment’s metrics and whale behavior to anticipate the next move for this volatile asset.

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