DOGE and SHIB‘s successor in terms of market value, the third-largest memecoin project PEPE, soared nearly 800% last month. The frog-themed coin now boasts a market value of nearly 3 billion dollars. Despite this growth, can the rise continue? On-chain data and technical analysis indicate that PEPE’s price may soon reach all-time highs.
Noteworthy Details About PEPE
The number of PEPE holders has risen above 25,000 in two weeks, signaling growing confidence in the currency. This influx of new investors lays a solid foundation for sustained upward price pressure. Interestingly, this growth trend does not seem to be slowing down, so we can expect the number of PEPE holders to increase further in the coming days.
As of February 6th, PEPE had about 150,000 holders. By March 8th, this number had risen to 175,000. A 16% increase in holders in less than two weeks for such a significant asset is impressive. The last time PEPE gained so many holders in a short period, its price doubled within 15 days.
Currently, an impressive 86% of PEPE holders are in profit, which corresponds to approximately 160,000 addresses. Just five days ago, this number was slightly higher at 91%. Considering the influx of new holders diving into the market amidst the token’s rising momentum, such a decline is expected and normal.
An interesting point to note is that a large number of profitable addresses can sometimes indicate potential downward trends. This happens when many holders decide to cash in their gains as they see their investments increase. Such actions can lead to increased selling activity, negatively impacting the token’s value.
However, the scenario for PEPE seems more optimistic. Despite the recent price increase attracting new buyers, a significant portion of these investors appears inclined to hold onto their assets. They seem to be aiming for even greater profits by speculating that the cryptocurrency will reach unprecedented levels. This group of investors is likely motivated by the belief that they too can join the ranks of profitable holders if they anticipate further price increases.
PEPE Chart Analysis
PEPE’s potential to continue its upward journey is quite high. If PEPE successfully surpasses the resistance level of $0.0000089, it is poised to enter a new upward trajectory, potentially reaching the milestone level of $0.00001 in the near future. Reaching this price would mark a historic moment for PEPE, as it would be the first time reaching a four-zero price.
EMA (Exponential Moving Average) data serves as a dynamic indicator, symbolizing the interaction between short-term market sentiment and confirmation of long-term trends. On the other hand, moving averages help to smooth out price volatility. They provide investors with a clearer insight into potential support and resistance areas, facilitating more informed decision-making.
