- PEPE witnessed an increase in price and network growth.
- Social volume was high and sentiment around the token was positive.
The last few weeks have not been kind to Pepe [PEPE], as his popularity waned compared to his contemporaries. This has resulted in massive price fluctuations around the meme coin.
However, AMBCrypto’s analysis of Santiment data revealed that network growth for PEPE had been growing.
This suggested that new addresses were showing interest in the token, which could help it rise significantly in the future.
The whales swim towards the PEPE
Another factor that could help PEPE recover would be the accumulation of whales.
According to data from Lookonchain, a large whale invested 1.26 million USD currency [USDC] to purchase 142.96 billion PEPE tokens at a rate of $0.000008831.
This whale has participated in seven PEPE operations in the last six months, and all of them have generated profits totaling $915,000.
At press time, PEPE was trading at $0.00000868 and its price had risen 2.75% in the last 24 hours.
After testing the $0.00000448 level on April 14, the meme coin price showed multiple higher highs and higher lows, indicating an uptrend.
Although the price faced some volatility during this period, the overall trend remained positive.
Looking ahead, PEPE price could test the $0.00000926 level in the future before seeing another correction.
The CMF (Chaikin Money Flow) decreased in recent days and stood at -0.03 at press time, indicating that the flow of money into PEPE may have slowed down.
However, its RSI (relative strength index) was at 62.55 at press time, implying that bullish momentum around PEPE was high and had not yet reached overbought territory.
An increase in popularity
One of the main factors that would affect the price movement of PEPE would be its position on social media. In the past few days, his Social Volume had increased.
Realistic or not, here is the market capitalization of PEPE in terms of DOGE
Its weighted sentiment also remained high, suggesting that the positive comments surrounding PEPE had outweighed the negative ones at the time of writing.
If this trend continues, the price of the meme coin may continue to rise in the near future.
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