- The supply on exchanges was less than the number of tokens withdrawn.
- A lot of old tokens moved, indicating that the upswing could be terminated.
On the 7th of April, Pepe’s [PEPE] supply outside of exchanges had grown to 242.54 trillion. This increase was a notable jump from what the number was on the 12th of March.
When tokens leave exchanges for another destination, it suggests that selling pressure might be low. Besides, it gives a sentiment that participants involved in moving the assets out are bullish on the price action.
Will the token sustain the hike?
Most time, when things like this happen, the price of the assets involved appreciates days or weeks later. For PEPE, it could be the same.
PEPE’s price at press time was $0.0000072. This value was a 7.93% increase in the last 24 hours, indicating that the memecoin was recovering from its recent decline.
Source: Santiment
AMBCrypto compared the supply outside of exchanges and those on it. According to on-chain data from Santiment, the number of tokens on exchanges was 179.81 trillion, meaning that the tokens withdrawn outpaced it.
A situation like this spells goodwill for PEPE and those expecting the price to bounce. However, we found that the sentiment around the token was not as bullish as the signals explained above.
Previously, the Weighted Sentiment had risen to 0.60 on the 4th of April. However, press time data showed that the reading had fallen, and was on the verge of dropping into the negative region.
If the metric continues falling, then PEPE’s bullish bias could be invalidated as demand might be inadequate to trigger a pump.
The ancient ones have appeared
Then, we looked at the Mean Coin Age (MCA). As of this writing, the MCA had increased to 32.25. For those unfamiliar, the MCA tracks the activity of long and short-term investors.
With this metric, one can have an idea of the sentiment around a cryptocurrency.
Source: Santimentco
When the MCA decreases, it means that a lot of new tokens have been accumulated. In most cases, these tokens are retired to a cold wallet whereas a high MCA suggests frequent movement of old-age tokens.
In PEPE’s situation, the high MCA, if not terminated, could be a stumbling block to the price hike. However, if old coins stop moving location, the price might stabilize, and the losses experienced of late, might be wiped out.
In the meantime, the volume of the token increased in the last 24 hours. If the volume continues to rise as the price climbs, then the value might ignore the short-term sentiment, and possibly hit $0.0000075.
Read Pepe’s [PEPE] Price Prediction 2024-2025
Should this be the case, PEPE might maintain its stay as a top 50 cryptocurrency. At press time, the memecoin was ranked 46th.
With a better price increase, it won’t be out of place to see it jump into the top 40.
