Pepe Coin Beats Other Meme Coins During Market Downturn

Pepe PEPE

Pepe Coin demonstrates resilience in its 24-hour trading volume, with 70% of its holders experiencing transactions above their buy price. This high profitability is attracting more investors to Pepe Coin.

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Even amidst the recent market downturn, Pepe (PEPE), a meme coin featuring a frog theme, stood out by limiting its losses and resisting the fall. According to data from CoinMarketCap, during this period, PEPE recorded a 24-hour trading volume surpassing $618 million. This achievement positioned PEPE ahead of other prominent meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).


Pepe Coin Investors Remain Profitable Despite Recent Declines

Market Corrections and Price Drop: The meme coin experienced significant declines recently due to market corrections, with a 24% drop observed last week. However, according to data from on-chain analysis firm IntoTheBlock, despite the price pullback, the majority of PEPE investors continue to trade profitably.

Profitable Trading for PEPE Investors: Approximately 70% of those who purchased the token see their tokens trading above the average price at which they were bought. Additionally, data from Santiment reveals that investors have an average unrealized profit of about 4.5% on their initial investments.

Growing Appeal of Pepe Coin: The emerging high profitability serves as a reason for more investors to turn their attention to PEPE. This is particularly influential for individual investors, as they often consider these metrics when making investment decisions.

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Pepe Coin Downtrend Amid Whale Accumulation

Pepe (PEPE) appeared to remain in a downtrend, with the Relative Strength Index (RSI) consistently trading in the 30-40 range, indicating strong selling pressure.

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Movement above 40 on the RSI could support a bullish outlook, as the 40-50 range is typically considered a good support level during bull markets. However, the On-Balance Volume (OBV) moved similarly to the price direction, suggesting that the downtrend might persist.

Despite recent price drops in PEPE, whales continued to accumulate the meme coin at lower price levels. Analysis using Santiment data revealed a noticeable increase in the number of wallets holding between 1,000 and 1 million coins.

Interestingly, despite the ongoing downtrend, the number of positive comments about the cryptocurrency outweighed the negative ones. This trend paved the way for a positive Weighted Sentiment to emerge, indicating some optimism among investors.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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