The PEPE meme coin has seemingly faded into the shadows as new and exciting meme coins come to light. This can be attributed to companies like BONK and other meme coins from the Solana ecosystem that have diverted attention away from the Ethereum ecosystem. However, as the enthusiasm around these new meme coins begins to wane, expectations are once again falling on the market leaders, one of which is PEPE, which could be preparing to make a comeback.
What the on-chain indicators say about PEPE
On-chain indicators are a way to tell if investor interest is shifting towards a particular cryptocurrency, in this case, PEPE. These indicators include things like weighted sentiment, trading volumes, new headlines, etc. In this case, the focus is on sentiment weighting, which measures sentiment on social media platforms to find out how cryptocurrency investors view a coin.
This indicator can be useful, especially in times like these, when there are no clear indicators of where the price of a coin might be heading. So by checking what investors are saying about PEPE on social media platforms like X (formerly Twitter), one can get a good idea of where the price will head next.
According to the weighted sentiment of on-chain analysis tracker Santiment, PEPE seems quite optimistic. The indicator takes into account mentions of PEPE on social media platforms over the past week and shows that there has been a significant increase in positive sentiment associated with the meme coin.
While it is not the highest level the indicator has reached since the year began, it is still at a considerably high level, suggesting a change in average sentiment. This also coincides with a dramatic increase in holdings of the largest PEPE whales, showing a willingness to accumulate at current levels.
Daily trading volume experiences significant jump
Weighted sentiment is not the only PEPE metric that has seen a significant increase lately. Similarly, the daily trading volume of the meme coin has also increased. As data from CoinMarketCap shows, the meme coin’s volume has increased by approximately 62% in the past day, bringing it to $89.8 million at the time of writing.
Such an increase in volume may indicate buying or selling, but since the price of PEPE has managed to remain stable during this period, it suggests that there is more buying than selling. Given this, it could indicate that the bulls will finally establish support and mark $0.0000009 as a buy level. If this overall bullish sentiment continues, then the meme coin could be looking for a recovery to $0.000001, which would translate to a 10% move from here.
Due to its decline over the last month, PEPE has lost its position as the third largest meme coin in the space. It is currently in fifth position behind BONK and CorgiAI.
Token price falls to $0.000000896 | Source: PEPEUSDT on Tradingview.com
Featured image from ABP Live, chart from Tradingview.com
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