One such memecoin that has recently made a splash is Pepe Coin (PEPE), one of the most popular meme tokens this year.
As the crypto market in general faces a bearish phase, PEPE appears to be defying the odds, attracting significant attention from the crypto community.
Pepe Coin Potential
Whenever the crypto market enters a phase of low volatility, memecoins have seen a surge in interest. PEPE stands out in this category, consistently recording the highest social volumes whenever market volatility takes a backseat.
With Bitcoin and other altcoins currently in the low price range, PEPE's popularity is hard to ignore.
Adding to its credibility, Kucoin, a well-known crypto exchange, recently revealed that PEPE topped the list of most searched cryptos over the past week.
Such a revelation naturally aroused curiosity, leaving many wondering if PEPE was poised for a significant upside.
Since mid-August, there has been a marked increase in the supply of PEPE held by primary addresses.
"This accumulation reached its peak when weighted sentiment bottomed on August 25, only to recover remarkably on August 30."
Despite these positive indicators, PEPE's market performance tells a different story. The token has now slumped to its lowest level in four months, indicating an oversold scenario.
However, this decline may be a blessing in disguise. Given PEPE's status as the most sought-after memecoin and its accumulation by major addresses, there is potential for PEPE market players to take control.
However, while the accumulation by major addresses is a supportive sign, it does not yet definitively indicate an impending bull run.
While existing demand is not yet strong enough to trigger a change in direction, there is still hope. PEPE has a chance to attract bullish volume.
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