The PEPE meme coin has seemingly faded into the shadows as new and exciting meme coins come to the fore. This can be attributed to BONK and other meme coins from the Solana ecosystem that have diverted attention from the Ethereum ecosystem. However, as excitement surrounds this new one meme coins starts to subside, expectations are falling on the market’s leaders, including PEPE, which may be preparing to make a comeback.
What indicators on the chain say about PEPE
On-chain indicators are a way to know if investor interest is focused on a particular cryptocurrency, in this case PEPE. These indicators include things like weighted sentiment, transaction volumes, new holders, etc. In this case, the focus is on weighted sentiment, which measures sentiment on social media platforms to find out how crypto investors view a coin.
This indicator can be useful, especially in times like these when there are no clear indicators of where the price of a coin might go. So by checking what investors are saying about PEPE on social media platforms like X (formerly Twitter), one can get a good idea of where the price is going next.
According to the Weighted sentiment According to on-chain analytics tracker Santiment, PEPE looks quite optimistic. The indicator takes into account mentions of PEPE on social media platforms over the past week, and shows that there has been a significant increase in positive sentiment associated with the meme coin.
Source: Santiment
While this is not the highest level the indicator has reached since the beginning of the year, it is still at a significantly high level, indicating a reversal in mean sentiment. This also coincides with a dramatic increase in the assets of the largest PEPE whales, showing a willingness to accumulate at current levels.
Daily trading volume sees a significant jump
Weighted sentiment isn’t the only PEPE measure that has risen significantly lately. In the same vein, daily trading volume for the meme coin has also increased. As data from CoinMarketCap shows, the meme coin’s volume has increased by around 62% over the past day, bringing it to $89.8 million at the time of writing.
Such an increase in volume could indicate buying or selling, but since the PEPE price has remained stable over this period, it suggests that there is more buying than selling. Given this, it could indicate that bulls are finally gaining support and marking $0.0000009 as the buy level. If this general bullish sentiment continues, the meme coin could look for a recovery to $0.000001, which would translate into a 10% move from here.
Due to the decline in the past month, PEPE has lost its position as the third largest meme coin in space. It currently ranks fifth, behind BONK and CorgiAI.
Token price falls to $0.000000896 | Source: PEPEUSDT on Tradingview.com
Featured image from ABP Live, chart from Tradingview.com
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