Pepe (PEPE), a frog-themed token, stood out as one of the top-performing meme coins over the last 24 hours, with gains of 4.34%, based on data from CoinMarketCap. Its trading volume during this period exceeded $700 million, ranking it third after the prominent meme coins Dogecoin (DOGE) and Shiba Inu (SHIB).
Pepe (PEPE) Holders Remain Profitable Despite Recent Volatility
Despite recent volatility leading to a 24% decline in the past week, most holders of Pepe (PEPE) are still in profit. According to on-chain analytics from IntoTheBlock, nearly 70% of holders have their tokens trading above the average acquisition price.
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Additionally, data from Santiment indicates that holders, on average, have an unrealized profit of 4.5% on their initial investments.
Source: Santiment
The high profitability of Pepe (PEPE) holders, with nearly 70% still trading above the average acquisition price and an average unrealized profit of 4.5%, could attract more users to join the fray. Retail investors, in particular, often respond to such metrics, potentially leading to increased interest in the token.
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Caution Advised for Pepe [PEPE] Investors: Bearish Outlook Ahead
Investors should exercise caution regarding Pepe (PEPE)'s next moves, as key technical indicators analyzed by AMBCrypto suggest a bearish outlook. The Relative Strength Index (RSI) indicates strong selling pressure, with levels hovering in the 30-40 zone.
Source: TradingView
A move above 40 might signal a potential bullish rebound, considering the 40-50 zone's historical role as support in a bull market. However, the On Balance Volume (OBV) aligns with the price trend, indicating a likely continuation of the downtrend.
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Whale Accumulation and Positive Sentiment Surrounding Pepe (PEPE)
Despite recent declines in Pepe (PEPE) value, whale investors have been undeterred, actively accumulating the meme coin at lower prices.
Source: Santiment
Analysis of Santiment data revealed a notable increase in the number of wallets holding between 1,000 and 1 million coins. Moreover, positive sentiment surrounding the coin outweighed negative commentary, reflected in a positive Weighted Sentiment score.
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