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The meme coin ecosystem joined the broader market rally, and PEPE is one of the biggest beneficiaries of the latest rally. The token has managed to regain its lost valuation and is changing hands at a price of $0.000001176, up 25% in the past 24 hours.
While many may argue that PEPE's price is artificially inflated owing to the drop in its trading volume growth rate, it is worth noting that this metric as gained in CoinMarketCap measures with the coin's volume since it started out on this mega rally.
Despite the impressive outlook of PEPE, the best metric to watch at this time is not the actual price growth but the length of time most holders of the meme coin have been holding onto it for. Data from IntoTheBlock (ITB) shows that the majority of PEPE holders, about 93%, have been holding on for up to a year.
This insight is an indication that the price fluctuations we are seeing on PEPE are from traders, whose influence in the market can be profound but temporary. PEPE is historically a very volatile token, and the confluence of its on-chain data shows many are currently bullish on the asset.
What future holds for PEPE
PEPE's journey in the digital currency ecosystem has been rocky at best, and from hacking to massive whale dumping, the potential growth trend of the token has been threatened over time. Prior to this new revival, PEPE saw a steep depression in its price, positioning it as one of the meme coins with the biggest losses.
As it stands, PEPE is back on track with its more than 91% growth in the past week. The latest resurgence now suggests that PEPE is on track to build on the massive rally it started the year with, and based on the current outlook, retesting its all-time high (ATH) of $0.000001181 cannot be ruled out.
Valeria Blokhina
Denys Serhiichuk
Gamza Khanzadaev
