Amid the bullish sentiment around the cryptocurrency market, popular meme coin PEPE has recently experienced a significant surge in its price recording over a 15% increase in its price in the past 24 hours.
The Price Of PEPE Gains Traction
PEPE seems to be gaining traction and heading towards a bullish run indicating potential benefits for investors. The meme coin’s price is currently sitting at $0.0000013, indicating a 15% increase in price in the past 24 hours.
The surge in price might be traced back to the Dogecoin (DOGE) millionaire Glauber Contessoto, who picked PEPE to be among his top 10 choice cryptocurrency investments. According to the millionaire, PEPE seems to represent the same irreverent, internet-culture-focused approach that initially drew him to Dogecoin.
PEPE might have experienced a surge in its price, but the meme coin is still over 69% down from its all-time high of $0.000004354 in early May. However, the bullish sentiment circling in the crypto market has propelled the meme coin’s price by 89% over the past 30 days.
The token has also experienced a significant increase in whale transactions in the past 24 hours. The number of whale transactions involving at least $100,000 in PEPE increased by 50% over the past 24 hours.
According to data from Santiment, show that its deposits to crypto exchanges have since fallen by 33% in just 3 days, the report, despite the increase in whale transactions. This could be because investors are choosing to hold for higher prices rather than sell now.
In addition, PEPE’s recent social media dominance seems to have significantly contributed to the increase in price by the token. It was revealed by Santiment that the memecoin experienced an impressive 105% surge in its social media volume in the past 24 hours.
Decline In Active Address Doesn’t Hinder Memecoin’s Performance
PEPE’s performance this month is nothing compared to that of last month just yet. In October, the price of PEPE grew by 60%, this might 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 IntoTheBlock, it was revealed that the number subsequently fell from a total of 3,700 to 2,020 active addresses. This pattern suggests that, due to memecoin’s failure to live up to investor expectations, they may be selling their PEPE holdings in favor of trending altcoins.
Related Reading: Pepe Conquers The Weekend Charts With 61% Rally – Here’s Why
The meme coin’s daily active addresses (DAA) divergence currently stands at 5.8% according to Santiment. Initially, a “buy” signal is indicated when the DAA divergence indicator increases.
Featured image by iShock, chart by Tradingview.com