Pepe Coin Shows Signs of Rebound as Supply Tightens and Whales Accumulate
Pepe coin (PEPE) has been trading sideways this month, but ther are signs it coudl be bottoming out. On Sunday, it was priced at $0.0000075, slightly above its year-to-date low of $0.000005860.
On-chain data suggests a potential surge in Pepe’s value in the coming weeks. The 365-day Mean Dollar Invested Age (MDIA) has spiked to 128 from a November low of 35. This metric reflects the average purchase price of tokens in current addresses. A rising MDIA indicates holders are less likely to sell, showing confidence in the coin.
Exchange supply of Pepe tokens has also decreased this year. It’s now at 26.6% of the total supply,down from 45% in November. This drop is positive as it suggests investors are moving tokens to self-custody, not exchanges.
- Pepe’s supply on exchanges has fallen to 26.6%.
- Whales have accumulated 172 trillion Pepe coins.
Whales are also accumulating Pepe. The supply held by top addresses has risen to 172 trillion coins from 131 trillion. This accumulation, combined with the falling exchange supply, could drive the price up.
Technically, Pepe has formed a double-bottom pattern and a falling wedge. These patterns, along with bullish divergence in oscillators like MACD and Awesome oscillator, suggest a potential rebound. Bulls may target $0.000010, a 35% increase from the current level.
For more insights, check the on-chain metrics and Pepe price chart.
