Amid the bullish sentiment surrounding the cryptocurrency market, popular meme coin PEPE has recently experienced a significant increase in its price registration, more than a 15% price increase in the last 24 hours.
The price of PEPE is gaining traction
PEPE appears to be gaining traction and heading for a bullish run, signaling potential upside for investors. The price of the meme coin is currently at $0.0000013, indicating a 15% price increase in the last 24 hours.
The price increase may be due to the Dogecoin (DOGE) millionaire Glauber ContessotoWHO chose PEPE as one of its top 10 best cryptocurrency investments. According to the millionaire, PEPE appears to represent the same irreverent, internet culture-oriented approach that initially drove him Dogecoin.
PEPE may have seen a price surge, but the meme coin is still down more than 69% from its all-time high of $0.000004354 in early May. However, the bullish sentiment circulating in the crypto market has driven the meme coin’s price up 89% in the past 30 days.
The token has also experienced a significant increase in whale transactions over the past 24 hours. The number of whale transactions involving at least $100,000 in PEPE has increased by 50% in the past 24 hours.
According to data from SantimentThe report shows that deposits on crypto exchanges have since fallen by 33% in just three days, despite the increase in whale transactions. This could be because investors are choosing to hold at higher prices rather than sell now.
Furthermore, PEPE’s recent dominance on social media appears to have contributed significantly to the price increase per token. Santiment revealed that the memecoin has experienced an impressive 105% increase in its volume on social media over the past 24 hours.
Decrease in active address does not hinder Memecoin’s performance
PEPE’s performance this month is nothing compared to last month’s. In October the price of PEPE grew by 60%, this could be due to the bullish nature of the month of October, also known as ‘Uptober’ in the crypto space.
PEPE has seen a consistent decline in the number of active addresses. According to InTheBlokit turned out that the number subsequently dropped from a total of 3,700 to 2,020 active addresses. This pattern suggests that as memecoins fail to meet investor expectations, they may sell their PEPE shares in favor popular altcoins.
Related reading: Pepe takes over the weekend charts with a 61% rally – here’s why
According to Santiment, the meme coin’s daily active address divergence (DAA) currently stands at 5.8%. Initially, a buy signal is given when the DAA divergence indicator increases.
Featured image by iShock, chart by Tradingview.com