Pepe on-chain statistics indicates that Meme Coin has the potential to prolong gains
Over the last 30 days, PEPE token holders have steadily cashed out, amassing $330 million.
The meme currency with a frog motif has had an almost 15% increase in value within the same period.
The meme coin's supply on exchanges has decreased by approximately 3%, which has reduced selling pressure.
One meme currency with a frog motif, PEPE, has seen an 820 percent increase in value so far this year. Wallets holding 1 billion PEPE tokens or more have divided their holdings in the previous 30 days, according to on-chain data from crypto intelligence tracker Santiment.
During the same era, Santiment's data showed that they consistently took over $330 million in profits. The current exchange rate for PEPE is $0.0000119.
Pepe on-chain statistics indicates that Meme Coin has the potential to prolong gains
According to Santiment's data, the supply on exchanges has decreased by approximately 3% in the last 30 days. Between May 14 and June 15, PEPE holders made more than $330 million. In spite of regular profit taking, PEPE has managed to maintain gains of 14.46% on Binance over the previous 30 days.
As of June 15, the quantity of PEPE on exchanges has dropped to 169.93 trillion. Selling pressure on an asset is sometimes a result of repeated profit taking. The frog-themed asset has been under pressure, but PEPE supply on exchanges has been decreasing throughout the same span, so the meme currency has been able to hold on to its gains.
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The market value of PEPE is more above $5 billion, even though meme currencies based on Solana have become more important in the current market cycle. While the asset's value has increased by almost 15% in the last 30 days, the number of active addresses and traffic have decreased. The asset has a frog motif.
