Pepe the Frog, the internet’s favorite amphibian meme, has a digital currency counterpart – PEPE Coin – and it’s experiencing a curious case of conflicting signals. While the price has been on a downward trajectory for the past month, losing nearly half its value, the number of wallet addresses holding PEPE is steadily increasing.
A Tale of Two Trends
May 2024 saw PEPE Coin reach its all-time high of $0.00001718. However, since then, it’s been a steady decline, with the price currently sitting at $0.000009662, an over 44% drop. This downtrend extends to the past 24 hours, with an additional 8% loss.
This volatility is nothing new for PEPE Coin. Since its launch in April 2023, it’s exhibited a boom-and-bust cycle, characterized by sharp price increases followed by consolidation periods. Investors who jumped on the May rally might be feeling the heat of the crypto market crash, which has impacted PEPE Coin alongside other digital assets.
A Surge in Holders: Bullish Signal or FOMO Frenzy?
On July 2nd, Santiment, a crypto analytics platform, revealed a surprising trend – a significant rise in PEPE wallet addresses, alongside those of FET and ENS coins. This could be interpreted as a sign of Fear of Missing Out (FOMO), a situation where investors rush to buy an asset due to a perceived surge in popularity. Traditionally, FOMO is seen as a bullish signal, potentially leading to a price increase.
Further backing this idea is the growth in PEPE’s holder base. The number of wallets holding PEPE jumped from 236,486 at the beginning of June to 246,639 by month’s end. This growth could be attributed to the current low price point, enticing new investors to buy in anticipation of future rallies, or existing investors re-entering the market after May’s sell-off.
Also Read: PEPE Price Stalemate: Analyst Bullish Despite 50% Fibonacci Rejection
What’s Next for PEPE?
Despite the surge in holders, technical indicators currently point towards a selling zone for PEPE. However, there are hints of potential recovery. The 200-day exponential and simple moving averages suggest support around $0.00000915, and the Relative Strength Index (RSI) remains neutral, indicating a possible return of buying pressure.
If the price can reach the pivot point of $0.00001246, an uptrend might be on the horizon for PEPE Coin. Whether this is a genuine sign of growing interest or a fleeting FOMO frenzy remains to be seen. Only time will tell if Pepe the Frog can breathe new life into his cryptocurrency namesake.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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