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PEPE on Track to Erase One Zero, Volume Needs Fresh Trigger

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Thu, 11/07/2024 - 9:28
PEPE on Track to Erase One Zero, Volume Needs Fresh Trigger
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There has been noticeable growth in the price of PEPE as it attempts to recover from previous sell-offs. Per data from CoinMarketCap, PEPE is about to erase one zero from its price in a move that might mark the biggest turnaround it has seen in weeks.

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PEPE performance metrics

At the time of writing, PEPE is up by 0.32% in the past 24 hours to $0.000009242. While the growth rate was higher in previous hours, unexpected fluctuation is catching up with it already. However, should the meme coin reach additional growth records, it might push the price toward the $0.00001 mark.

Article image
PEPE 1D Chart. Source: CoinMarketCap

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The growth prospects of PEPE are clear, however, some metrics might stand in the way. The most obvious is the trading volume. As of this writing, interest in PEPE, as seen in the volume, is low, with this metric down 22.3% to $534,911,945.

Beyond the volume, the historical data of PEPE suggests the token may recover little this month. Insights from Cryptorank show that PEPE has an average sell-off rate of 23% this month. This data comes from the record from July 2023, when the token closed down 23.8%.

Thus far this month, it is already down by more than 22%.

Sound PEPE economics

PEPE recently demonstrated positive economics despite being a meme coin with a massive circulating supply. From the transfer of the token in and out of exchanges to its buy-up by whale addresses, PEPE has always attracted high networth individuals.

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PEPE is also always featured in index products involving tokens within its niche. This recognition is essential for its sustained relevance in the broader industry. In all of its strides thus far this year, PEPE has managed to keep its market capitalization at $3,879,229,405.

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