PEPE has seen a surge in price and growth in the network.
Social volume is high and the sentiment around the coin is positive.
The past few weeks have not been kind to Pepe as it has seen a decline in popularity compared to its contemporaries. This has led to significant price fluctuations for the memecoin.
However, AMBCrypto’s analysis of Santiment data shows that PEPE’s network growth has been increasing.
This indicates that new addresses are showing interest in the coin, which could help it surge significantly in the future.
Whale swims towards PEPE
Another factor that could contribute to PEPE’s rebound is the accumulation of whales.
Lookonchain data shows that a whale invested 1.26 million USDC and purchased 142.96 billion PEPE tokens at a price of $0.000008831.
The whale made seven PEPE trades in the past six months, all of which were profitable, totaling $915,000.
At press time, PEPE is trading at $0.00000868, with its price up 2.75% in the past 24 hours.
After testing the $0.00000448 level on April 14, the price of Meme Token has formed several higher highs and higher lows, indicating a bullish trend.
Although prices faced some volatility during this period, the overall trend remained positive.
Looking ahead, the PEPE price might test the $0.00000926 level before another correction occurs.
The CMF (Chaikin Money Flow) has declined over the past few days and is at -0.03 at press time, suggesting that inflows into PEPE may have slowed.
However, its RSI (Relative Strength Index) was 62.55 at press time, which means that PEPE’s bullish momentum is high and has not yet reached the overbought region.
Popularity soars
One of the main factors influencing PEPE’s price action is its social media reputation, which has seen a surge in volume in recent days.
Realistic or not, this is the market value of PEPE in DOGE
Its weighted sentiment also remains high, indicating that at the time of writing, positive comments surrounding PEPE outnumber negative ones.
If this trend continues, the price of pepecoin may continue to rise in the near future.