Markets
PEPE price rises 35% despite crypto market falling: here’s why
PEPE Prices vs. Addresses by Holding Period, June 2024 | Source: IntoTheBlock
Looking at the chart above, the number of long-term PEPE investors exceeded the portfolio of short-term traders around May 5. This provided a major bullish catalyst as prices reached new all-time highs 22 days later on May 27.
More recent trends show that as of the close on May 31, 58,240 long-term investor addresses held PEPE.
But curiously, since June 1, the number of long-term PEPE investor addresses has increased by 4,320, while 15,350 short-term holder addresses have exited their positions amid the month-long market decline.
Despite historic profits recorded following new global price peaks in May, the majority of long-term PEPE investors chose to stand firm rather than join the selling frenzy that gripped cryptocurrency markets in June.
First, the resilience of long-term PEPE investors indicates strong confidence in the asset’s potential, which has created a relatively more stable price floor compared to other assets in volatile market conditions.
Second, the outflow of short-term holders, who are typically more reactive to fluctuations in market sentiment, may have reduced the selling pressure on PEPE, paving the way for the accelerated 35.8% price recovery observed between June 24 and 26.
PEPE Price Prediction: PEPE Could Surpass $0.000015
Based on the on-chain trends analyzed above, the 35.8% surge in PEPE price appears to be driven by the resilience shown by long-term investors over the past month. However, technical indicators suggest that further gains towards $0.000015 could be on the cards in the coming days.
Looking at IntoTheBlock’s GIOM data below, PEPE price is now facing relatively smaller resistance clusters until it reaches the $0.000015 mark.