According to U.Today, the PEPE coin is showing signs of recovery after previous sell-offs, with a noticeable increase in its price. Data from CoinMarketCap indicates that PEPE is on the verge of removing a zero from its price, potentially marking its most significant turnaround in weeks. At the time of the report, PEPE had increased by 0.32% in the past 24 hours to $0.000009242. Despite some unexpected fluctuations, if the meme coin continues to set new growth records, it could push the price towards the $0.00001 mark.
However, certain metrics could potentially hinder PEPE's growth. The most notable of these is the trading volume. At the time of writing, interest in PEPE, as reflected in the volume, was low, with this metric down 22.3% to $534,911,945. Historical data suggests that the token may only recover slightly this month. According to Cryptorank, PEPE has an average sell-off rate of 23% this month, based on records from July 2023 when the token closed down 23.8%. So far this month, it is already down by more than 22%.
Despite being a meme coin with a large circulating supply, PEPE has shown positive economics. The token has consistently attracted high net worth individuals, from its transfer in and out of exchanges to its purchase by whale addresses. PEPE is also frequently included in index products featuring tokens within its niche, which is crucial for its continued relevance in the broader industry. Despite the challenges it has faced this year, PEPE has managed to maintain its market capitalization at $3,879,229,405.