New York, NY – The price of Pepe [PEPE] experienced a substantial 15.75% increase in the last 24 hours before slightly dropping by 2%, as per data from CoinMarketCap. While other memecoins also saw a surge, there were specific factors that distinguished this rise for PEPE.
On-chain data from Santiment revealed that PEPE’s 24-hour active addresses surged from 2669 on May 1st to 4470 currently. These active addresses signify the number of unique users engaging in transactions on the network. Interestingly, the price of PEPE showed a strong correlation with the network activity, which is not always the case in the broader crypto market.
If the number of active addresses continues to rise, it is likely that the price of PEPE will follow suit. Conversely, a decline in active addresses may slow down the upward movement of the memecoin. The increase in Social Dominance also indicated that the market was paying more attention to PEPE compared to other projects in the top 100.
One key metric to consider is the Social Dominance, which historically has influenced the price movement of PEPE. A high social dominance may not necessarily translate to a positive price action, as seen on previous occasions. Analyzing the Social Volume, it was noted that the search for PEPE was not as intense as before, suggesting a potential buying opportunity before it reaches a peak.
The decrease in one-day circulation from 11.50 trillion to 3.97 trillion could help PEPE sustain its upward momentum, as lower circulation implies less selling pressure. Additionally, the decrease in dormant circulation to 59.54 billion indicates that long-term holders of the token are holding onto their assets, which could lead to another rally for PEPE in the near future.