- PEPE has reached a new all-time high of $0.00001725, with over 96% of investors making a profit.
- Active addresses and social dominance for PEPE have significantly increased.
PEPE, a meme coin themed around a popular internet frog meme, has reached a new all-time high of $0.00001725. Over the last week, more than 96% of PEPE investors have gone into profit after the memecoin has surged in value.
According to IntoTheBlock’s market intelligence data, 96.36% of PEPE holders are now profit-making, as seen from the Global In/Out of the Money feature. This metric provides a clear picture of the number of investors holding net unrealized profits or losses, given the current market price of the token PEPE.
Most of the PEPE addresses have a cost basis below the current spot price, meaning that the investors bought their tokens at a lower price. As a result, they are experiencing substantial unrealized profits. The data shows that only 10 addresses are in a net loss, while 236,320 addresses are in profit.
Rise in Active Addresses and Social Dominance
According to Santiment, a crypto intelligence tracker, PEPE’s active addresses and social dominance increased significantly between May 20 and 27. Over this period, active addresses increased by nearly 100%, and social dominance, which measures the percentage of PEPE mentions in cryptocurrency conversations, rose from 0.81% to 3.55%. This indicates a higher activity and interest in the meme coin than before.
Furthermore, the PEPE supply on exchanges has not increased significantly and has only risen by 0.3% between May 20 and May 27. This stability eliminates further selling pressure, which in turn could mean that prices may move higher.
Pepe Coin Price and Market Performance
As of this writing, Pepe Coin’s price has risen by 5% to $0.00001625. The market cap of the Ethereum-based meme coin is $6.83 billion.
Data from Coinglass shows that the open interest of PEPE futures hit $196.47 million, up by 18.19% in the last 24 hours. This strong performance has placed the meme coin in the 18th place in market capitalization, ranking it higher than Polygon.
https://t.co/EccAVi8mkT pic.twitter.com/lnLUsHaJfN
— Pepe (@pepecoineth) May 27, 2024
Such growth has led to a large part of the investors being in profit as the value of their investments has risen significantly. However, this scenario also increases the probability of profit-taking activities, which may lead to selling among the investors and affect future price trends. Furthermore, the rally in PEPE also aligns with other cryptocurrencies due to the approval of the Ethereum Exchange Traded Funds (ETFs) recently.
Crypto analyst Jason Pizzino has noted that PEPE is among four altcoins that show strength. Pizzino identifies that the uptrend is very clear on PEPE, which makes it a good trading opportunity. He pointed out that the meme coin has formed a series of higher lows and that it has the ability to rally in the current market.
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