PEPE has now cemented itself as one of the leading meme coins in the crypto market. And just like other meme coins, PEPE has not had the best couple of weeks. The token’s price has been consistently down only, losing the vast majority of its early July gains. However, a recent development on Tuesday could suggest that there is a reversal coming for the meme coin.
PEPE’s Daily Trading Volume Rises By 47%
At a time when the majority of coins in the crypto market are recording a decline in trading activities, PEPE has seen its trading activity rise. According to data from Coinmarketcap, PEPE’s daily trading volume is up over 40% in the last 24 hours. This significant jump has seen the meme coin’s daily trading volume go from $60 million on Monday to more than $90 million on Tuesday.
The increase in trading volume comes at a time when the price of PEPE is struggling in the market, which could mean that the bulls are finally ready for a reversal. Also, given the short time frame in which this jump occurred, it points to a higher level of activity from larger investors.
Trading volume jumps 47% in one day | Source: CoinMarketCap
Such jumps can easily mean that bullish sentiment is returning among investors. So investors could be buying up more PEPE tokens as they believe this is a good price to load up their bags. In this case, the buying pressure could continue to mount until PEPE begins another rally.
Majority Of Holders Remain In Loss
The multi-week decline of PEPE has been reflected in the percentage of holders that are currently sitting in profit. This metric takes into account the price at which the tokens were last moved and then compares it to the current price of the coin. This way, it comes up with a percentage of holders currently seeing losses or profits.
According to data from the on-chain tracker IntoTheBlock, only 26% of all PEPE investors are in the green. With only 5% of holders sitting in neutral (meaning they bought their tokens at a similar price it is trading for now), it means that 69% of all holders are losing money at current prices.
69% of holders in loss | Source: IntoTheBlock
However, if the increase in trading volume does lead to a price reversal, then the meme coin could see a larger portion of its over 135,000 holders move back into the profit territory.
At the time of writing, PEPE is trading at $0.000001118, down 1.69% in the last day and 8.89% in the last week.
Token price falls to $0.000001117 | Source: PEPEUSDT on Tradingview.com