PEPE’s Price Propels To 3-Month Highs, Here’s Why
November 09 2023 - 8:00AM
NEWSBTC
Amid the bullish sentiment around the cryptocurrency market,
popular meme coin PEPE has recently experienced a significant surge
in its price recording over a 15% increase in its price in the past
24 hours. The Price Of PEPE Gains Traction PEPE seems to be gaining
traction and heading towards a bullish run indicating potential
benefits for investors. The meme coin’s price is currently sitting
at $0.0000013, indicating a 15% increase in price in the past 24
hours. The surge in price might be traced back to the Dogecoin
(DOGE) millionaire Glauber Contessoto, who picked PEPE to be among
his top 10 choice cryptocurrency investments. According to the
millionaire, PEPE seems to represent the same irreverent,
internet-culture-focused approach that initially drew him to
Dogecoin. Related Reading: Could Meme Kombat be the Next Pepe as
Presale Hits $1M Milestone PEPE might have experienced a surge in
its price, but the meme coin is still over 69% down from its
all-time high of $0.000004354 in early May. However, the bullish
sentiment circling in the crypto market has propelled the meme
coin’s price by 89% over the past 30 days. The token has also
experienced a significant increase in whale transactions in the
past 24 hours. The number of whale transactions involving at least
$100,000 in PEPE increased by 50% over the past 24 hours.
According to data from Santiment, show that its deposits to crypto
exchanges have since fallen by 33% in just 3 days, the report,
despite the increase in whale transactions. This could be because
investors are choosing to hold for higher prices rather than sell
now. In addition, PEPE’s recent social media dominance seems to
have significantly contributed to the increase in price by the
token. It was revealed by Santiment that the memecoin experienced
an impressive 105% surge in its social media volume in the past 24
hours. Decline In Active Address Doesn’t Hinder Memecoin’s
Performance PEPE’s performance this month is nothing compared to
that of last month just yet. In October, the price of PEPE grew by
60%, this might be due to the bullish nature of the month of
October also known as ‘Uptober’ in the crypto space. PEPE has
seen a consistent decline in the number of active addresses.
According to IntoTheBlock, it was revealed that the number
subsequently fell from a total of 3,700 to 2,020 active addresses.
This pattern suggests that, due to memecoin’s failure to live up to
investor expectations, they may be selling their PEPE holdings in
favor of trending altcoins. Related Reading: Pepe Conquers The
Weekend Charts With 61% Rally – Here’s Why The meme coin’s daily
active addresses (DAA) divergence currently stands at 5.8%
according to Santiment. Initially, a “buy” signal is indicated when
the DAA divergence indicator increases. Featured image by iShock,
chart by Tradingview.com
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