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Home»EXCHANGE NEWS»Is PEPE ready for its return? On-chain indicators have the answer
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Is PEPE ready for its return? On-chain indicators have the answer

By Crypto FlexsFebruary 6, 20243 Mins Read
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Is PEPE ready for its return?  On-chain indicators have the answer
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PEPE meme coins seem to have faded into the shadows as new and interesting meme coins come to the fore. This can be attributed to BONK and other Solana ecosystem meme coins that have taken away attention from the Ethereum ecosystem. But as excitement around these new meme coins begins to wane, expectations turn to the market leaders, and one of them is PEPE, which is preparing for a comeback.

What On-Chain Indicators Say About PEPE

On-chain indicators are one way to know if investor interest is directed towards a specific cryptocurrency, in this case PEPE. These indicators include weighted sentiment, volume, new holders, etc. In this case, we focus on weighted sentiment, which measures sentiment across social media platforms to determine how cryptocurrency investors view a coin.

This indicator can be especially useful in times like now when there is no clear indication of where the price of a coin is headed next. So checking out what investors are saying about PEPE on social media platforms like X (formerly Twitter) can give you a good idea of ​​where the price is headed next.

According to Weighted Sentiment from on-chain analytics tracker Santiment, PEPE appears to be quite bullish. This indicator takes into account mentions of PEPE on social media platforms over the past week and shows a significant rise in positive sentiment associated with the meme coin.

Source: Santiment

Although this indicator is not the highest since the beginning of the year, it still remains at a fairly high level, suggesting a change in average sentiment. This also coincides with a rapid increase in the holdings of the largest PEPE whales, demonstrating a willingness to build up to current levels.

Daily trading volume has increased significantly.

Weighted Sentiment is not the only PEPE metric that has increased significantly recently. In the same context, the daily trading volume of MEMCOIN is also showing an increase. According to data from CoinMarketCap, the meme coin’s trading volume increased by about 62% in the last day, reaching $89.8 million at the time of writing.

This increase in volume could indicate buying or selling, but seeing as the price of PEPE has remained stable over this period, it suggests there is more buying than selling. Given this, it could point to the bulls finally establishing support and marking $0.0000009 as a buy level. If this general bullish situation continues, Mim Coin can be expected to recover to $0.000001, which could translate into a 10% rise from here.

Last month’s decline caused PEPE to lose its position as the third-largest meme coin in the sector. It currently ranks 5th behind BONK and CorgiAI.

PEPE price chart on Tradingview.com

Token price falls to $0.000000896 | Source: PEPEUSDT on Tradingview.com

Featured image from ABP Live, chart from Tradingview.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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