Pepe coin price is currently in consolidation, with decreased deposit transactions showing less investor interest, but large holders are accumulating.
Pepe coin price entered its previous range after the recent drop from $0.00000988 local high. For the last three days, there has been a great struggle between bulls and bears for supremacy. PEPE price is currently stuck, ranging between $0.00000900 and $0.00000700, but not for long, as on-chain metrics signal investors may be preparing for a potential move soon.
Whale Accumulating as Pepe Coin Price Stagnates
Data from Santiment shows PEPE deposit transactions hit a one-year low while the price is consolidating, indicating that fewer investors may be moving funds into PEPE, which can be a sign of reduced confidence or interest.
This indicates that large holders might be accumulating at these lower prices, anticipating a future Pepe Coin price increase.
NVT Ratio, Realized Profit/Loss Signal PEPE Market Uncertainty
On the flip side, the Pepe Coin Network Value to Transactions (NVT) ratio hit an all-time high amid price consolidation, provoking concerns about the potential overvaluation of the meme coin. A high NVT ratio usually indicates that the market cap is significantly higher than the transaction volume. Investors could perceive PEPE as being in a bubble, which may have led to reduced buying pressure and potentially more selling pressure.
This assessment is further supported by the Network Realized Profit/Loss metric which surged back to near monthly highs on August 30. The spike suggests that many investors are locking in their gains as the price has been relatively stable.
The high realized profit/loss during price consolidation may signal mixed market sentiment as not all investors could be cashing out. As the ITB data reveals, some may still be holding or even accumulating. This is what could have led to price consolidation.
Which Direction Will Pepe Coin Price Take?
Ethereum price and general market movements highly influence Pepe Coinâs price. Currently, a lot of crypto assets, including the famous Shiba Inu (SHIB) and Chainlink (LINK), are showing signs of overvaluation. Pepe Coin is mimicking the same results.
The stand-off between sellers and buyers may end with lower prices as an analysis of the daily candlesticks formed in the last three days shows doji candle formation but with longer top wicks. This suggests that in the struggle for supremacy, bears have emerged stronger consecutively at the close of business day for the last three days.
#TON #pepe⥠#BNBChainMemecoins #TelegramCEO #CryptoMarketMoves $PEPE
