- Pepe’s active addresses have declined to around 13.5k.
- Despite price challenges and reduced activity, its holder base has grown steadily to nearly 296k.
Pepe [PEPE] saw a rollercoaster journey after its debut, drawing in high trading volumes and sparking investor interest. However, recent metrics suggest that momentum is cooling as it faces a series of challenges, including declining engagement.
On the positive side, a growing base of holders shows that the asset has retained a dedicated community of investors.
Pepe’s price weakness reflects cautious sentiment
PEPE’s price has been in a downward trend recently, trading around $0.000000900 at press time. With the Relative Strength Index (RSI) at 43.80, the token is hovering just below the neutral line, indicating that sellers have a slight edge.
This analysis suggests that while the price is not yet in oversold territory, there is limited buying interest to propel it upwards. To shift the momentum, the memecoin would need to regain investor confidence and break through key resistance levels.
Otherwise, it risks slipping further if sellers maintain control.
Source: TradingView
The subdued price action reflects a more cautious sentiment among traders. While it once saw impressive price rallies, it appears that some investors are opting to wait on the sidelines, possibly due to market-wide uncertainty or shifts in the meme token landscape.
If the price remains under pressure, we may see further declines before PEPE finds strong support.
Pepe’s active addresses show declining user interest
The level of activity on PEPE’s network has seen a notable drop-off. Active addresses have decreased to approximately 13.5k, a sharp decline from peak levels earlier this year.
This reduction suggests a cooling interest among users, which could be a warning sign for PEPE’s short-term prospects.
Fewer active addresses typically translate to lower trading volume and liquidity, as fewer users are transacting with or engaging with the token.
Source: Santiment
This drop in active addresses might indicate that the initial excitement around it has faded, possibly as investors seek newer memecoins opportunities. Without a rise in engagement, the memecoin may struggle to regain the levels of market activity it previously enjoyed.
Holder base growth reflects long-term confidence
Despite the declines in both price and engagement, one notable bright spot remains: PEPE’s holder count continues to climb steadily, now nearing 296k. This consistent growth indicates that a core group of investors is sticking with the asset, potentially in anticipation of a future recovery.
The increasing holder base suggests that, while its trading activity has cooled, there remains a layer of long-term confidence in the token.
Source: Santiment
Realistic or not, here’s PEPE market cap in BTC’s terms
The steady rise in holders is a sign that PEPE may still have potential, especially if broader market conditions improve.
For now, however, the lack of active participation combined with price weakness leaves PEPE at a critical juncture, relying on its committed holder base to maintain stability.
