Is Pepe attempting a comeback with surging prices?

Bitcoin Analysis
  • Over 60% of PEPE holders are now in profit.
  • There has been an increase in accumulation at the current price trend.

Following a recent rise of nearly 16% in price, there has been a notable increase in the number of PEPE holders currently experiencing profits.

Additionally, key metrics indicate that holders remain optimistic about the potential for further price increases.

More Pepe holders in profit

Recent data from IntoTheBlock showed that the recent price rises in Pepe have resulted in a higher percentage of its holders being in a profitable position.

Compared to other memecoins, it ranked second in terms of the number of holders currently in profit. The chart showed that more than 63% of its holders are currently experiencing gains.

Volume maintains decent activity

An examination of Pepe’s trading volume showed a fall following its recent price surge. Although, as of this writing, it has stabilized at a level above $200 million.

To provide context, the volume during the increase was over $500 million, while pre-surge levels were around $100 million or lower. This suggests increased trading activity, potentially influencing its price trend positively.

Pepe volume

Source: Santiment

Exchange flow shows accumulation trends

Contrary to expectations tied to its current price trend, Pepe has witnessed more outflows than inflows on exchanges. Santiment’s exchange flow metrics showed an inflow volume of around 55 billion tokens at the time of this analysis.

Simultaneously, the data showed that over 70 billion tokens were leaving the exchanges. This suggests a scenario of increased accumulation rather than sell-offs within the current price range.

Such a trend implies that holders anticipate further price increases, signaling a bullish outlook for the token.

PEPE continues trend in profit

As of this writing, Pepe was showing a more than 1% increase in value, as reflected in its daily timeframe chart. This uptick marked a continued rise following a notable fall after its price surge.

 How much are 1,10,100 PEPEs worth today

Additionally, the Relative Strength Index (RSI) line, standing above 65, signaled a strong bullish trend. The present RSI position suggested an absence of immediate risks for a price correction in Pepe.

Given the ongoing accumulation and the prevailing price trend, more holders may realize profits.

PEPE/USDT price trend

Source: TradingView

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