• 26 May, 2024
News

PEPE Price Likely to Climb Higher Riding on Bullish On-Chain Metrics

PEPE’s Social Dominance is a crucial metric that measures its dominance in conversations across social media platforms. A higher Social Dominance indicates increased relevance and demand for the asset. Data from Santiment shows that peaks in Social Dominance have historically corresponded with local price tops in PEPE. This suggests a strong correlation between social sentiment and price movements. As Social Dominance for PEPE continues to rise, it provides a compelling argument for a potential price rally.

Source: TradingView

At the time of writing, PEPE is trading at $0.00000118, with a 0.8% gain on the day. The meme coin has a market cap of $488.21 million, making it one of the notable players in the cryptocurrency space. Additionally, PEPE has seen a 5.86% increase in price over the last seven days, reflecting the positive sentiment surrounding the coin.

Net Realized Profit/Loss is another important on-chain metric used to gauge the profit or loss realized by holders of an asset. Significant spikes in this metric often coincide with local price tops. In October, PEPE witnessed consistent spikes in Net Realized Profit, indicating that holders were realizing substantial profits. If this trend continues into November, it would further support the bullish outlook for PEPE.

Source: Santiment

The supply of an asset on exchanges plays a critical role in determining selling pressure. An asset with high selling pressure is more likely to experience a decline in its price. However, PEPE’s supply on exchanges has been on a declining trend from September to November. This reduction in supply suggests a decrease in selling pressure, which is typically a bullish sign for the asset’s price.

While PEPE has been trading sideways recently, the on-chain metrics tell a different story. The rising Social Dominance, consistent spikes in Net Realized Profit, and declining supply on exchanges all point toward a potential price recovery for PEPE. As the memecoin market continues to evolve, investors and enthusiasts should keep a close eye on these on-chain indicators to make informed decisions in this volatile market.

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