- New PEPE addresses skyrocketed by more than five times.
- Large whale transactions witnessed a noticeable jump.
Frog-themed meme coin Pepe [PEPE] was one of the top performers in the market over the last week, with gains of more than 2% in the last 24 hours until press time, data from CoinMarketCap revealed.
Is your portfolio green? Check out the PEPE Profit Calculator
Aided strongly by the upbeat sentiment in the broader market, the coin exchanged hands at $0.000001176.
PEPE croaks loudly
The jump in demand was strongly reflected in network activity. According to on-chain analytics firm IntoTheBlock, the number of unique wallets involved in PEPE transactions spiked dramatically in recent weeks.
In fact, for the period from 19 October to 25 October, active addresses jumped by a whopping 372%.
While interest from existing users was noteworthy, the price surge resulted in significant network expansion. New PEPE addresses skyrocketed by more than five times in the aforementioned period.
These on-chain indicators served as proof that traders scurried to make the most of increased prices. Recall that PEPE trended downwards throughout Q3, disappointing many users who usually bet on meme coins to earn quick bucks.
Source: IntoTheBlock
Whales show interest
PEPE’s rally piqued the interest of whale investors as well. Large transactions, involving transfer of considerable number of PEPE tokens, spiked. However, there were no conclusive signs of accumulation by this cohort, IntoTheBlock added a caveat.
Source: IntoTheBlock
Interestingly, despite impressive gains of late, most of the PEPE traders were underwater. At the time of writing, just about 35% of the holders made profits at prevailing market prices. On the other hand, 49% of them were at a loss, while 16% were breaking even.
Social activity climbs down
As with other indicators, the social buzz around PEPE increased. With rise in value, the coin started trending on Telegram, crypto subreddits, and Discord groups. However, the excitement tapered off in the last week, as shown below.
Similarly, the weighted sentiment started to spiral downwards after peaking on 26 October. This indicated that positive commentary for PEPE declined gradually.
Source: Santiment
Read Pepecoin’s [PEPE] Price Prediction 2023-24
PEPE was a departure from the numerous dog-themed tokens that dominated the market. It exploded 10x within days of its launch, attracting a swarm of profit-hungry traders.
At the time of writing, it was the third-largest meme coin with a market cap of $490 million, according to CoinMarketCap.
