PEPE has observed an impressive 60% rally recently. Here’s what on-chain data says regarding whether this rise can continue.
PEPE Has Seen Some On-Chain Metrics Light Up Recently
In a new on X, the market intelligence platform IntoTheBlock has discussed how PEPE is looking in terms of its on-chain indicators currently. The first metric of interest here is the profit/loss breakdown of the memecoin’s user base.
The distribution of the PEPE holders based on whether they are in loss or profit | Source:
As displayed above, about 35% of the holders/addresses of the cryptocurrency are carrying their coins with some net unrealized profit right now. On the other hand, the loss investors amount to 51% of the network’s user base, meaning that the majority of the holders are in the red currently.
The remaining 14% of the addresses are breaking even at the current price levels of the asset. Generally, the investors carrying profits are more likely to sell their coins to harvest their gains, which means that if there are many holders in profit, significant selling pressure could arise in the market.
In the current scenario, however, more than 50% of the investors are still carrying their coins at a loss despite the recent 60% surge that PEPE has enjoyed. Thus, the potential selling pressure in the sector may not be too much yet. This could certainly be a positive sign for the rally’s sustainability.
Next, IntoTheBlock has pointed out how the address activity related to PEPE has observed a significant boost recently.
Looks like the metrics have registered high values in recent days | Source:
According to the analytics firm, the active addresses jumped 372% between October 19th and 25th, while the new addresses increased by 440% in the same period.
The “active addresses” metric keeps track of the daily number of addresses participating in some transaction activity on the blockchain. In contrast, the new addresses indicator measures the daily number of wallets coming online on the network for the first time.
The sharp growth in these indicators would imply that network activity has been high recently, both in terms of usage and adoption. Historically, rallies have thrived in such conditions, as a large number of active traders is what such moves require to be sustainable.
Lastly, IntoTheBlock has pointed out that while the PEPE whales haven’t shown concrete signs of accumulation yet, they have been potentially becoming active recently.
The metric has seen some uptick recently | Source:
From the chart, it’s visible that the “large transactions volume” has observed some rise recently. The large transactions refer to transactions worth at least $100,000 in value, usually made by the whales and institutional entities.
While the uptick in the activity of these humongous investors hasn’t been that much, it’s still an optimistic sign that these investors have been showing at least some interest in PEPE during this rally.
PEPE Price
Since its sharp rise, PEPE has gone stale in the last few days as its price continues to trade around $0.0000011672.
The memecoin has been trading sideways in the past week | Source:
Featured image from Shutterstock.com, charts from TradingView.com, IntoTheBlock.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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