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According to data provided by CoinMarketCap, despite the recent market downturn, Pepe (PEPE), a frog-themed meme coin, has been among the coins that resisted the fall and limited their losses. In this period, PEPE’s 24-hour trading volume was over $618 million, leaving behind leading meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Comments and Current Status of PEPE Owners
The meme coin has hosted significant declines recently due to market corrections, experiencing a 24% drop last week. However, according to data from on-chain analysis firm IntoTheBlock, despite the price pullback, the majority of PEPE investors continue to trade profitably.
Approximately 70% of those who purchased the token see their tokens trading above the average price at which they were bought. Meanwhile, according to data from Santiment, investors have an average unrealized profit of about 4.5% on their initial investments.
The emerging high profitability can be seen as a reason for more investors to turn their attention to PEPE, as most investors, especially individual ones, tend to be influenced by these metrics.
The Future of PEPE
On the other hand, PEPE appeared to continue in a downtrend. The Relative Strength Index (RSI) continued to trade in the 30-40 range, which was interpreted as strong selling pressure.
A movement above 40 could support a bullish outlook, as the 40-50 range is generally seen as a good support level during bull markets. The On-Balance Volume (OBV) moved similarly to the price direction, suggesting that the downtrend might continue.
Latest Situation Among Whales
Despite recent price drops in PEPE, whales continued to accumulate the meme coin at lower price levels. Analyses and findings using Santiment data showed a noticeable increase in the number of wallets holding between 1,000 and 1 million coins.
On the other hand, the number of positive comments about the cryptocurrency was higher than negative ones, paving the way for a positive Weighted Sentiment to emerge.
